Cryptocurrency market passes $700 billion on January Trio, bitcoin rises – Business Insider

  • Market capitalisation of all cryptocurrencies passed $700 billion to reach a fresh all-time high on Wednesday.
  • The record high comes spil bitcoin proceeds to recover from its Christmas plunge.
  • Bitcoin rallied overheen 10% on Tuesday after it wasgoed exposed that billionaire tech investor Peter Thiel has waterput spil much spil $20 million into the cryptocurrency.

LONDON &mdash, The overall value of the global cryptocurrency market surpassed $700 billion on Wednesday to reach a fresh all-time high.

According to gegevens provider Coin Market Cap, the market capitalisation of all combined cryptocurrencies ter circulation is now $707 billion, spil of around 8.45 a.m. GMT (Trio.45 a.m. ET) on Wednesday. The market has since dipped and is worth $683 billion at Ten.55 a.m. GMT (Five.55 a.m. ET) but the record high reached earlier ter the day remains significant.

Market capitalisation is a basic valuation metric which multiplies the value of an asset &mdash, usually a share te a company &mdash, by the amount of that asset ter circulation. The total market cap of the crypto market has spiked higher te latest months spil many of the more than 1,300 cryptocurrencies te circulation rose.

Mati Greenspan, an analyst at eToro, wrote te his daily crypto roundup on Wednesday: “There’s a distinct buying sentiment among cryptotraders today. The pre-Christmas sell off seems to be well behind us now. However Bitcoin is still a bit off hier all-time highs some of the alts are generating some serious momentum.”

Bitcoin spotted its value druppel spil much spil $8,000 te a matter of days overheen Christmas after a manic rally te December. The largest and most recognisable cryptocurrency gained strongly on Tuesday after it wasgoed exposed by the Wall Street Journal that Founders Fund, the venture-capital rock-hard founded by the tech billionaire Peter Thiel, has made hundreds of millions of dollars from bitcoin investments after investing $15-20 million te the asset.

Bitcoin’s gains have continued into Wednesday, with the cryptocurrency up by around 1.5% to trade at close to $15,000 vanaf coin, spil of 9.55 a.m. GMT (Four.55 a.m. ET):

Markets Insider While the overall value of cryptocurrencies has enlargened to a fresh record, the proportion of that value made up by bitcoin is at an all-time low.

“Bitcoin’s market capitalization spil a percentage of the total crypto-market succesnummer an all-time low below 36% on Tuesday spil smaller so-called alternative cryptocurrencies rallied,” Business Insider’s Klinkklaar Chaparro wrote, citing gegevens from Coin Market Cap.

There is enhancing evidence that crypto investors are shunning bitcoin te favour of the likes of ethereum and Ripple, two currencies that are vying to be the 2nd largest by market capitalisation.

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