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Sunday, November 5, 2017

Crypto News: Total Crypto Market Cap Surpasses $200B for the First Time

Total Crypto Market Cap Surpasses $200B for the First Time

It has been an exciting weekend for all cryptocurrencies so far. While most altcoins have lost all of their recent gains over the past 36 hours, the bigger picture shouldn’t be overlooked whatsoever. All cryptocurrencies in circulation are worth over US$200 billion combined right now. That’s a major step forward from the US$40 billion market capitalization we saw earlier this year. It is evident Bitcoin is still the king of the hill, and that situation will not change whatsoever.

Even though the overall cryptocurrency market cap has finally surpassed the US$200 billion mark, these markets aren’t any less volatile than before. In fact, there has been more volatility these past few weeks compared to what we saw throughout most of 2017. This situation is mainly affecting altcoins, though, as they are all struggling to maintain their price levels right now.

Although things may look pretty bleak for most altcoins right now, they are also a contributing factor to the US$200 billion total market cap. Bitcoin represents the vast majority of this valuation, of course, as all bitcoins in circulation are worth over US$125 billion right now. That in itself is a pretty spectacular number, considering the total cryptocurrency market cap was under US$50 billion not too long ago.

To that end, the Bitcoin Dominance Index has been pushed up once again. Right now, this index sits at 62.5%, clearly indicating that Bitcoin is the go-to cryptocurrency and little else matters these days.  To be sure, it is only a matter of time until the top altcoins recover in value. The Bitcoin price is still mainly driven by speculation, and it is very likely we will see a price correction around the time of the SegWit2x hard fork.


Full story at http://bit.ly/2iwPQGp


Source: The Merkle


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