Global Cryptocurrency Market Hits $700 Billion

The global cryptocurrency market has hit an all-time high of more than $700 billion as of January 3, 2018.

According to the data provided by CoinMarketCap, the market cap of all the cryptocurrency coins combined is now worth $707 billion around 3:45 am Eastern Time.

However, it has experienced a dip two hours after hitting the $700 billion mark. Nevertheless, the market capitalization remains at an impressive level. Market capitalization refers to the basic valuation metric which multiplies an asset’s value by the amount of asset currently in circulation.

In his daily cryptocurrency roundup, last January 3, eToro analyst Mati Greenspan shares:

“There’s a distinct buying sentiment among crypto traders today. The pre-Christmas sell-off seems to be well behind us now. Though Bitcoin is still a bit off her all-time highs some of the adults are generating some serious momentum.”

While the overall market capitalization is impressive, Bitcoin’s decline starts to worry traders and experts.

This crypto giant saw an enormous drop of as much as $8000 in just three days after hitting an all-time high.

It began to take off again after Wall Street Journal broke the news that Peter Thiel’s VC firm Founders Fund made a monster bet on Bitcoin.

The gains continued into January 4 when this leading digital currency hit almost $15,000 US dollar around 4:55 am ET.

Aside from the growth of the overall market capitalization of the cryptocurrencies, it is also predicted that 2018 is set to be the year for Blockchain business transformations.