$160 Billion Market Cap! Cryptocurrencies Set New Record

Investments in cryptocurrencies have witnessed a steady increase over the period. The number of publicly traded cryptocurrencies is inching towards 800 and a lot of these digital currencies have witnessed significant investments in the last couple of months. According to data provider coinmarketcap, the combined value of publicly traded cryptocurrencies exceeded the $160 Billion mark for the first time.

This new market cap means that the cryptocurrency market has witnessed a 1,500 percentage increase from the $10 Billion cap it had at the beginning of the year. The recent upward trajectory of the crypto grandpa Bitcoin seems to have pulled a lot other altcoins along as witnessed by the total increased market cap.

As at press time yesterday, Bitcoin was hovering between $4,400 and $4,500 whiles Ethereum averaged $330. Ripple’s XRP and Monero’s XMR were the biggest gainers within the last 24-hours with 9% and 7.9% value appreciation respectively.

However, investments in Litecoin seem to have cooled off somewhat after recent interests in the digital currency saw it rise to an all-time high of $60. But its value has seen a 2% drop in the last couple of hours.