This has been a remarkable week for digital currency. After a record-setting Bitcoin price rally, the total cryptocurrency market cap has achieved a new milestone – crossing the $300 billion threshold for the first time.
In the past week alone, the total virtual currency market cap has grown by more than $60 billion — a landmark number the crypto market cap had reached for the first time on May 2017. In just six months, the crypto market cap has seen a fivefold increase which now stands at a new all-time high of $305.1 billion.
The combined market capitalization of all crypto currencies is more valuable than some of the leading banks of the United States. The crypto market cap raced past both Wells Fargo and Bank of America on Sunday.
The crypto market cap surge is riding on the unprecedented Bitcoin price rally as the flagship crypto currency continues to challenge the $10,000 milestone. Bitcoin has seen an increase by $1,000 in less than two days, and an increase by 20 percent in the past week. At present, Bitcoin is trading at $9,628, which alone translates into a $160.8 billion share of the market cap.
For almost a year now, the Bitcoin price has been in an uptrend. The impending launch of Bitcoin futures contracts on U.S. derivatives exchange CME is believed to have given the crypto currency pace recently. The product is expected to be available in early December, but the traders appear to be pricing in the event before it arrives. The industry experts believe the official listing of futures contracts will have a positive impact on the Bitcoin markets.
The second largest crypto currency, the Ethereum price has been setting records of its own. The Ethereum price is on the brink of cracking the $500 barrier for the first time – trading at $481. At present, the Ethereum has a market cap of $45.7 billion.