The cryptocurrency industry is booming out of control. With Ethereum and the bitcoin both reaching new all-time highs of over $450 and $9,500 respectively. The total digital asset market cap has slammed passed $300 billion. Truly phenomenal growth. Though, BTC still reigns supreme over every single other crypto, enjoying over 50% of the total market cap.
Why are we going orbital all of a sudden?
Well, with recent news from onion and industry leaders, global societies are starting to build up more trust towards the cryptocurrency market. A combination of hedge funds jumping into the game one by one and increase awareness all do their due work towards helping the market grow.
Users are growing more reliant on cryptocurrencies as a medium of exchange and storage of wealth. Let’s compare growth and volume between the crypto market and established financial industries, heck, let’s even throw countries into the mix!
Bitcoin and cryptocurrencies now bigger than some massive companies.
The market cap increase is reflective of a general feeling among market movers that the cryptocurrency market will continue to grow. Investors are beginning to join in the market and are producing substantial gains. The increase in hedge funds, as well as the general awareness in the market, are both strongly bullish signals for the market.
It’s blowing by whole nations and massive wealth baggers.
Now, this might come as a surprise. But the bitcoin market cap is greater than the total supply of circulating, M1, money in Denmark, Ireland, Venezuela, and a few other countries. It also just squeaked by Qatar’s GDP, by a couple billion
It’s also greater than the total supply of money in Denmark, Ireland, Venezuela, and Singapore. And the market cap of bitcoin just squeaked by Qatar’s GDP, by a couple billion. It’s not so far away from the Czech Republic either.
The cryptocurrency market cap blew past the Korean Nasdaq. As well as Bill Gates, founder of Microsoft + Jeff Bezos, founder of Amazon, combined.
Where will it stop?
Well, the daily trade volume in the cryptocurrency market is already at $13 billion, that means that it handles more than $3 trillion worth of trades and exchanges per year. We have to keep in mind that not all bitcoins are mined and that not everyone is aboard the cryptocurrency express.
Expect the market cap to keep on rising. Who knows, maybe it will hit a trillion dollars before 2020. It’s not too far-fetched of an idea.