Cryptocurrencies are continuing to gain more reputation in the digital trading arena. In the past few days, the industry has soared tremendously and is now worth half a trillion dollars. This growth can be attributed to the rallies in the altcoin space and the persistent strong performance of these currencies led by Bitcoin.
Ethereum, litecoin and ripple have all surged upwards in the past few days pushing the market cap to over $500 billion in this industry for the first time ever since its inception. This growth has happened very quickly according to analysts showing that there are rapid changes in the currencies’ prices. The rapid change could play either way among investors.
More Than $50 Billion In 24 Hours
As of Tuesday, this week, the market cap of this industry was at $467 billion. Bitcoin had ended the previous day with sideways trading. Considering the magnitude required to hit the $500 billion mark, and Bitcoin performance, it was unlikely that the industry would hit that mark and at that rate, but it did.
Despite the performance of Bitcoin and the gab between the mark and the previous cap, a surge in the altcoins pushed the market cap to a record $505.9 billion on December 12, before settling at a staggering $504.3 billion. The industry is now worth more than Warren Buffet’s conglomerate Berkshire Hathaway holding company.
The most interesting and unusual aspect for the cryptocurrency rally is that it never involved the hyped Bitcoin. This is despite the fact that Bitcoin has increased its value 10 times over as from the beginning of 2017, almost hitting a record $20,000. It also enjoys the lion share of this industry with its cap taking just more than one half of the total industry’s market cap.
Any alteration in the price of Bitcoin would thus have a significant effect on the digital currency market. Despite this dominance, it is the less famous coins like Ethereum and ripple that really pushed the market cap. Ethereum is now almost hitting the $700-dollar mark. These coins pushed the cap to more than $200 billion. This shows that this industry is growing beyond bitcoins as more digital coins get introduced in this market.
Though Bitcoin’s price rose during that time, it failed to match the growth shown by Ethereum and ripple. CryptoCoinsNews associate ripple tremendous growth with increase in demand of this coin in South Korea. This demand and activity has pushed ripple cap, which is currently the fourth largest digital currency to more than $18 billion dollars.
Ripple’s growth could see it replacing bitcoin cash as the third largest currency by market value. Its demand is till on in various markets across the globe.