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$300 Billion: Bitcoin Price Boosts Crypto Market Value to Record High
The total market capitalization for the cryptocurrency market has exceeded $300 billion for the first time.
By Stan Higgins
Updated Sep 13, 2021, 7:12 a.m. Published Nov 27, 2017, 2:46 a.m.
The total market capitalization for the cryptocurrency market has exceeded $300 billion for the first time.
Data from CoinMarketCap.com shows that the market capitalization for all cryptocurrencies is currently at roughly $300.5bn. Of that amount, bitcoin's market cap represents the lion's share, accounting for about $158 billion.
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The move comes as the price of bitcoin continues its surge above $9,000, trading at roughly $9,482, according to the CoinDesk Bitcoin Price Index (BPI).
The push above $300 billion perhaps also showcases the pace at which the market has grown in recent weeks. On Nov. 3rd, the overall market capitalization rose above $200 billion for the first time. By contrast, the market crossed the $100 billion level back in June.
Other cryptocurrency market developments contributed to today's market capitalization milestone, additional data reveals.
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The world's second-largest cryptocurrency, ethereum, has a press-time market capitalization of $46 billion and is currently trading at about $475, representing a price increase of more than 25% in the past week. Like bitcoin, ethereum also hit a new all-time high over the weekend.
Hot air balloon image via Shutterstock
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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