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Thursday, June 8, 2017

With bitcoin surge, cryptocurrencies top $100 billion in market capitalization

With bitcoin surge, cryptocurrencies top $100 billion in market capitalization

The investment category of cryptocurrencies hit a new milestone on Tuesday, one that would have been unfathomable just a couple of years ago: $100 billion in combined market capitalization.

The break above the 12-digit threshold is largely attributable to bitcoin, which is by far the largest digital currency in the still-nascent category, and which has been on a tear lately.

Bitcoin BTCUSD, -0.51%  has more than tripled in 2017, according to crypto pricing site CoinDesk, and on Tuesday it rose more than 7% to $2,879.80. Earlier, it hit a record above $2,900. Those gains have brought its market cap to $46.68 billion, accounting for nearly half of the entire category.

At its current size, bitcoin has surpassed the market capitalization of such major companies as Ford Motor Co. F, -1.16% Deere & Co. DE, -0.22% and Delta Air Lines Inc. DAL, -0.31% It is larger than more than two-thirds of the components of the S&P 500 SPX, -0.28%.

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