August has been a record-setting month for the cryptocurrency space. First, the bitcoin price reached an all-time high. Then – fueled by bitcoin and ethereum price rallies – the total value of all cryptocurrencies climbed to $125 billion, shattering its previous best. On Wednesday, the markets set yet another record: the number of cryptocurrencies with market caps exceeding $1 billion.
As CoinMarketCap reports, every top 10 cryptocurrency now has a market cap exceeding $1 billion. Since the beginning of August, there have been three entrants to the $1 billion club: bitcoin cash, IOTA, and NEO.
Bitcoin Cash Enters the Picture
Bitcoin cash immediately reached the billionaires club following its hard fork from the main bitcoin blockchain and has consistently ranked 3-4th in total market cap. At one point, it boasted a valuation of more than $10 billion, but it has since fallen to $4.9 billion.
There is much debate about where bitcoin cash will go from here, but for now, bitcoin cash holds a significant share of the total crypto market cap.
IOTA Climbs the Rankings
The IOTA price has been on a roller coaster during the past few months, but it has consistently climbed since the beginning of August following announcements of partnerships with groups such as Imperial College London, Blockchain at Berkeley, and a non-profit organization helping refugees.
Since receiving its $1 billion club membership card on August 4, IOTA has raised its market cap to $1.5 billion.
And NEO Makes 10
NEO – which has been dubbed the “Chinese Ethereum” – is the latest cryptocurrency to reach $1 billion. Formerly known as AntShares, NEO is China’s first open-source blockchain platform. Since rebranding itself as NEO, the platform’s native currency has soared. As recently as July 12, the NEO price was $5, resulting in a market cap of just $250 million.
Like IOTA, the NEO price has assembled an incredible August run. NEO did not cross the $500 million threshold until August 3. By August 6, it had reached $750 million. On August 9, it burst through $1 billion and continued its rapid advance. At present, NEO has a market cap of $1.4 billion – a weekly increase of more than 300%.
Open to New Members?
This new record is great news for the cryptocurrency ecosystem because it indicates investments are flowing into diverse projects and platforms. Hopefully, this will encourage innovations that will benefit the community as a whole. Time will tell whether the crypto billionaires club will continue to accept new members.
Eleventh-ranked QTUM has doubled its market cap to $860 million in the past week, while 12th-place Monero and 13th-place Stratis each need to rise about $250 million to hit that mark. However, if the markets take a bearish turn, some of this club’s recent entrants could have their memberships revoked.
Featured image from Shutterstock.
Last modified: March 4, 2021 4:58 PM