The crypto market evolves very quickly. The market cap of all digital currencies has now risen above $100 billion for the first time ever. Rarely has a technological innovation grown to a market capitalization of over $ 100 billion in such a short time. In the beginning of this year, the total value of all crypto coins was 'only' $17 billion, of which Bitcoin accounted for $12 billion. Today, all cryptocurrencies together are worth more than $100 billion, nearly 6 times as much. That is absolutely unprecedented, and perhaps only a sign of things to come. Most of the gains have been fueled by increasing trading volumes in Asian markets, particularly China, South Korea and Japan. Meanwhile, Bitcoin's share of the total cryptocurrencies market cap is shrinking.
Large investors were skeptical on Bitcoin for a long time and many other crypto coins were considered worthless. But after an increase of thousands of percentages for Ethereum, Dash, Ripple, Monero, NEM, Stratis, and so on and so forth, many investors seem to take a different stance to this young sector.
Bitcoin still dominant
Bitcoin is still the dominant cryptocurrency in terms of market cap, but the Bitcoin Dominance Index is changing in favor of the other cryptocurrencies. That's a good thing in my opinion, as it shows many investors are diversifying their portfolio. It shows that investors are now also interested in the sector as a whole.
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$100 billion guys! For an industry which has only been around 9 years, that is quite amazing to say the least!