Cryptocurrency Market Cap Soars Over $54 Billion
The Rise Of Crypto Continues
As of May 14, 2017 the total market cap of all cryptocurrency is $54.2 billion, according to CoinMarketCap.com. This is up from $8.6 billion just one year ago!! 😯
Bitcoin remains the market leader with a huge $29 billion market cap. Other cryptocurrencies such Ripple, Ethereum, and Litecoin round out the top four with market caps each over $1 billion!
In fact, Ripple and Ethereum, the second and third largest cryptocurrencies (at the time of this writing), have respectively seen a 33x and 8.95x increase in their market cap year-to-date.
Why Cryptocurrency Price Surges?
Bitcoin’s most recent price surge up to $1,800 has been linked to the staggering growth of Japanese bitcoin exchanges, as well as, Australia’s legalization of bitcoin.
The rise in price for XRP, on the other hand, has been attributed to Ripple’s continued push into the legacy banking industry, it’s recent partnership with Japan’s largest bank, Mitsubishi UFJ Financial Group (MUFG), and rumors of a potential coin lock-up.
Ethereum is continuing to see growth in its market cap following the launch of the Enterprise Ethereum Alliance, a consortia with leading conglomerates such as Microsoft and JPMorgan.
If the first half of 2017 is any indication of what to expect heading into the Summer, buckle your seat belts. This is going to be an interesting ride!
What an exciting time for the entire cryptocurrency market.
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