The Cryptocurrency market has set a new all-time high for the first time ever, reaching more than $126billion! This incredibly exciting rise for the cryptocurrency market comes just four days after the crypto asset class set a previous record of over $116billion.
There are a number of reasons that this increase happened; with the main increase appearing to be from a sudden increase in capital into Bitcoin; who in itself broke records by breaking through the $4,000 mark, increasing its value by more than twenty percent. Bitcoins is one of the markets oldest cryptocurrency, and is arguably one of the most popular and most understood. Although new currencies are coming onto the market, Bitcoin remains strong, and the value of the coin supply also rose in that time, climbing in value from $47billion to $57billion.
Like we previously stated, other cryptocurrencies have come onto the scene, which have also seen very strong gains. The Neo, for example, which was formally known as Antshares, saw its market capitalisation pass $1billion for the first time ever. Neo has been watched, since it was introduced from China, and has been labelled as ‘the next best thing’. It is a recent redevelopment on Ethereum’s smart contracts, and uses a unique blockchain, designed to improve upon Ethereum’s model. In just one week, the market capitalisation rose from $550million to $1.7billion, and the price of coins climbed from approximately $10 to a staggering $34 in just seven days.
IOTA saw a rather successful period as well, rising by $0.6billion, going from $1.1billion to $1.7billion. This is not surprising when you consider that IOTA has a number of great advantages over other Blockchain cryptocurrencies including the fact that it is scalable, decentralised and modular.
Finally, Ether, which is the native cryptocurrency on the Ethereum blockchain, which also saw good profits, and helped the Cryptocurrency market rise to dizzy heights, after it increased its total market capital from $21billion to $28billion.
One market that sadly cannot take the credit for the huge rise, is Bitcoin Cash, which was created in the recent Bitcoin fork. Although it did see a small profit, it did not add much new value to the market, increasing just $0.3billion in a week, going from $5.1billlion to $5.4billion.
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