The total market capitalization for the cryptocurrency market has exceeded $300 billion for the first time. This digital currency world that came into being less than 10 years ago has grown astronomically in such a short space of time.
Indeed, 2017 alone has seen just Bitcoin go from $800 to nearly $10,000, and there is still a month to go. The records have crumbled for the Big digital currencies, as well as the new ones as the boom in ICO’s have also help set unprecedented growth.
In the past week alone, the total cryptocurrency market cap has grown by more than $60 billion — a number the crypto market cap reached for the first time on May 17. It has only been six months since that achievement, but the crypto market cap has already increased fivefold, bringing it to a new all-time high of $305.1 billion on Monday morning.
The market cap increase is reflective of a general feeling among market movers that the cryptocurrency market will continue to grow. Investors are beginning to join in the market and are producing substantial gains. The increase in hedge funds, as well as the general awareness in the market, are both strongly bullish signals for the market.
The last Bitcoin climb was coupled with declines in altcoins, but this run up has carried altcoins with it. This may well be a strongly bullish sign for the market as a whole. According to many insiders, the market has just begun it’s bull run, with increasing investment coming.
Bitcoin’s new lifetime high
Bitcoin’s meteoric gains are continuing unabated, with prices looking like they could pass the psychological milestone of $10,000 today.
The world’s largest cryptocurrency by market capitalization clocked a new lifetime high of $9,9731.51 at 09:00 UTC. That came after blowing past $9,000 over the weekend for the first time – and just over a week after topping $8,000.
As of writing, the bitcoin-U.S. dollar (BTC/USD) exchange rate is trading at $9,630 levels. Going by CoinMarketCap data, BTC has appreciated by 8.24 percent in the last 24 hours. The cryptocurrency is up more than 800 percent on a year-to-date basis.
Trading volumes rose to $5.4 billion yesterday, the highest level since Nov. 13 – adding credence to the rally’s sustainability. Further, Google search volumes for the term “bitcoin” have spiked again.
Short-term indicators demonstrate strong short-term momentum for bitcoin, and analysts such as Max Keiser and billionaire investor Mike Novogratz expect the bitcoin price to surpass $10,000 within this year.
The CME Group bitcoin futures exchange launch is imposing a similar impact the bitcoin ETF had on the global bitcoin market in March. The difference between the March bitcoin ETF anticipation and the CME Group bitcoin futures exchange hype is that the latter is guaranteed, given that another bitcoin options exchange in LedgerX has already been approved and regulated by the US Commodities and Futures Trading Commission (CFTC).
Where does Bitcoin go in 2018?
The adoption of bitcoin as a store of value and as a payment method is increasing at a rapid rate. If second-layer scaling solutions are integrated by leading bitcoin service providers by next year, businesses and merchants will be able to accept bitcoin payments with low transaction fees from their customers.
In countries like Japan, major retailers and businesses like Bic Camera, Peach Airline, and Capsule hotels have already started to accept bitcoin through strategic partnerships with cryptocurrency exchanges.
If the adoption of bitcoin as both a store of value and as a payment method surges throughout 2018, the bitcoin price will likely increase at a rapid rate.