The total cryptocurrency market valuation has reached its record-high to above $600 billion putting major industry giant like Amazon behind in the race. According to CoinMarketCap, the exact valuation today as on the press time are $610 billion which is the collective market cap of Bitcoin and many other altcoins trading in the market.
If we analyze the data and graph, there has been a major surge in the market valuations in the past fifty days itself. Bitcoin has been on fire since the start of November just before which the collective market valuation was $200 billion. This means that there has been a three-fold increase in the market valuation since the beginning of November. Another interesting fact is that in less than a weeks time, the cryptocurrency market valuations have surged by $100 billion.
The arrival of bitcoin futures contract by the CBOE and the CME group has fuelled the market to reach new highs. Soon after the launch of CBOE futures contract went live, the market valuations surged to $440 billion and since then, it has increased by $160 billion to date.
During this time period, we have seen that altcoins like Ethereum and Litecoin have significantly contributed to this rally with both gaining by more than 100% in just past one month. Ethereum is currently trading for a price of $829.89 and has hit its all-time high at $881 and contributes $80 billion to the overall cryptocurrency market cap. On the other hand, Litecoin that is currently trading at $353.06 contributes over $19 billion in market cap. Bitcoin shares a major chunk of the pie contributing 50% or $305 in market cap.
An interesting fact is that the cryptocurrency market valuation has even surpassed industry tech giant Amazon this week. Amazon has had a phenomenal year so far with a 60 percent growth on a year-to-date basis with its market cap currently standing at $573 billion at the press time. This growth registered by Amazon has put the company boss and CEO – Jeff Boss to the top of the list making him the richest man in the world with his individual net worth at $98.6 billion as on date.
On the other hand, the cryptocurrency valuations have grown by more than 3400% in past one year. However, this comparison is certainly in no ways an attempt to downplay Amazon’s achievement which has registered a phenomenal growth as just one single company. While on the other hand, the cryptocurrency market comprises of several asset class.
In spite of all this, the cryptocurrency market cap is short to three major tech giants – Microsoft at $666 billion, Alphabet (Google) – $751 billion and tech juggernaut Apple that stands to $905.05 billion at the press time. Here is the list of major business giants whose market cap has been surpassed by the overall cryptocurrency market cap:
- Amazon ($531 billion)
- Facebook ($523 billion)
- JPMorgan Chase ($355.6 billion)
- Exxon Mobil ($352 billion)
- Bank of America ($288 billion)
- Wal-Mart ($261 billion)
- Intel ($214 billion)
- Coca-Cola ($196 billion)
- Toyota ($184 billion)
- General Electric ($174 billion)
- Pepsico ($157 billion)
- Walt Disney ($151 billion)
- McDonald’s ($135 billion)
It is just now that the most popular cryptocurrency – Bitcoin has just entered into the mainstream currency supply with its acceptance growing at a good rate. Few analysts have also predicted that it can be the next global currency as a substitute for the U.S. dollar. It remains to be seen as to how it performs ahead in time to come.