The total market capitalization of all cryptocurrencies has not only broken the $30 billion dollar mark for the first time ever, but is growing at an accelerating pace.
Crypto Cracks $30 Billion Market Cap & Counting
It looks like Coinmarketcap website will need a bigger chart as cryptocurrencies are now above the $30 billion dollar market capitalization line. This is indeed a big milestone for cryptocurrencies in general, which are now growing at the fastest pace in their history.
In retrospect, the first run-up in price was also impressive but turned out to be a bubble. It popped in late 2013 after quickly shooting up to about $15 billion. However, at the time, the only relevant cryptocurrency was Bitcoin, which comprised over 95% of the entire crypto market.
Since almost all Bitcoin trading was done on the doomed Mt.Gox exchange in those days, the shockwave swept through the entire cryptocurrency market, which would not see $15 billion again until late 2016.
In other words, it took a total of three years for the crypto market to pare its losses after the first bubble burst. But it only took four months for it to double since the start of the year!
What a Difference 3 Years Makes
However, the market is now a lot different than it was in 2013. Today, it is not just Bitcoin hitting new highs as its market dominance index has fell to below 70%. Alternative cryptocurrencies or ‘altcoins’ are now also attracting a lot of new users and investors.
In fact, Bitcoin is not even the best performing cryptocurrency so far in 2017. Dash, Ethereum and Monero are the top three this year to date, surging 600%, 550% and almost 60%, respectively.
Of course, other cryptocurrencies are also emerging almost daily with their own pitches in an effort