Overall Cryptocurrency Market Cap Surpasses US$27.5 billion

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The past few days have been quite interesting for the cryptocurrency sector as a whole. Various currencies have seen their value increase over the weekend, which is far more uncommon than most people give it credit for. As a whole, the total cryptocurrency market capitalization has increased as well, which is a positive development.

Crypto Market Cap Reaches New All-time High

Based on the statistics provided by Coinmarketcap, it is good to see so many cryptocurrencies gain value over the weekend. For the longest time, bitcoin and altcoin gains seemed to be mutually exclusive, yet that no longer appears to be the case as of late. It also goes to show the entire cryptocurrency ecosystem continues to mature and traders are diversifying their portfolios.

In fact, the current total cryptocurrency market capitalization sits at US$27.544 billion. That is quite an increase compared to the same period last year, when the market cap sat at just over US$8.197bn. It is evident in the past twelve months have been critical for cryptocurrency, although it is not just bitcoin appreciating in value. In fact, bitcoin’s market cap “only” represents 67.1% of the total market cap right now, which is far lower than most people would expect.

Particularly the past 24 hours have been quite interesting for a few different currencies. Significant gains have been recorded for Ripple, as XRP gained 104.07% in value all of a sudden. The total gains would have been much higher if the Poloniex exchange had not encountered unexpected issues during the best period of XRP trading. At one point, XRP was trading well above the 7,000 Satoshi mark, before plummeting back to 4,100 once Poloniex slowly resumed their services again.

Other currencies saw intriguing gains as well. Ethereum and Monero held up quite well, with Litecoin even slowly gaining value once again. The big “loser” of the weekend was Dash, as the current crashed down to the US$57 mark, down from its previous high of over US$100. Then again, this situation may recover moving forward, as it seems all currencies are going full steam ahead once again. In the end, the cryptocurrency ecosystem continues to grow, and more money has poured in by the look of things.

Header image courtesy of Shutterstock

About JP Buntinx

JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

View all posts by JP Buntinx

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