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Cryptocurrency Market Cap Sets All-Time High Reaching $161 billion

Cryptocurrency Market Cap Sets All Time High Reaching 161 billion

The trading platforms have posted the cryptocurrency market cap, which has passed for the first time $160 billion mark. There are market activity and growth as revealed from the Coinmarketcap and Coin Dance data in the week ending August 26. 

August has been an extraordinary month for the cryptocurrency, growing to almost $162 billion, beginning below $90 billion mark.

The sudden increase was majorly contributed to the ICO token popularity that led to the fall of Bitcoin dominance, which went below 50 percent once again, currently sitting at just below 45 % in the second half of the month. 

The trade volumes for Bitcoin have gone up, the past week with prices increasing steadily.

Localbitcoins reported its second highest figure for a week of $44.4 million for the seven days span till Saturday. 

People are seen comparing and giving preference to crypto assets over the traditional assets in the recent weeks. In fact, the mainstream investors have explicitly stated their preference for crypto over gold or other commodities for 2017. The Chinese exchange BTCC revealed through its figure, the extent to which gold has become less popular.

“Investment in gold fell $30 billion over the past ten weeks, while investment in #bitcoin rose $71 billion”, stated BTCC.