The total market capitalization of all cryptocurrencies today has reached a new record level and exceeded the level of 750 billion USD. Total market capitalization at the moment is approaching 800 billion and is equal to 770 billion dollars.
The previous record high total market capitalization amounted to 654 billion dollars on 21 December 2017.
Not a single bitcoin
The main increase in total market capitalization has largely been caused by the recent (and continuing) growth of altcoins. The demand for bitcoin (BTC) in recent years has decreased, which has led to lower prices in the weeks preceding Christmas.
Bitcoin fell to $ 11,833 22 Dec. The leading cryptocurrency recovered the next day, but it was followed by a week of volatility.
Yesterday, however, the coin received a boost, following news that a venture capital firm based in San Francisco, Peter Thiel made a significant investment in leading digital currency, which led to a price rise of up to 15,000 dollars and above.
The overall dominance among all the bitcoin cryptocurrency has dropped to a record low yesterday, reaching 34,97%.
This shift followed a massive growth in the prices of altcoins, such as Ripple, Stellar and Ether, as well as lesser known Tron, each of which showed an increase of more than 20% over the past week.
In particular, Ripple took second place in the ranking of the cryptocurrency and its market capitalization at the time of writing is almost half of the capitalization of bitcoin. The cost increase was largely the result of demand growth in the South Korean market.