The total market capitalization for the cryptocurrency market has exceeded $300 billion for the first time.
Data from CoinMarketCap.com shows that the market capitalization for all cryptocurrencies is currently at roughly $301.5bn. Of that amount, bitcoin’s market cap represents the lion’s share, accounting for about $160 billion.
The move comes as the price of bitcoin continues its surge above $9,000, trading at roughly $9,592, according to the CoinDesk Bitcoin Price Index (BPI).
The push above $300 billion perhaps also showcases the pace at which the market has grown in recent weeks. On Nov. 3rd, the overall market capitalization rose above $200 billion for the first time. By contrast, the market crossed the $100 billion level back in June.
Other cryptocurrency market developments contributed to today’s market capitalization milestone, additional data reveals.
The world’s second-largest cryptocurrency, ethereum, has a press-time market capitalization of $46 billion and is currently trading at about $475, representing a price increase of more than 25% in the past week. Like bitcoin, ethereum also hit a new all-time high over the weekend.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.