Cryptocurrency market cap reaches 110 BILLION dollars!
I've been following cryptocurrency for years but in the last few months, the increase within the cryptocurrency community has been completely out of this world. A few years ago a 10 billion dollars was the entirety of the cryptocurrency community, but 110 billion?!
The combined market cap alone of the three biggest currencies Bitcoin(44 Billion), Ethereum(35 Billion) & Ripple (10 Billion with more in the bank) is over 90 billion dollars. That's three time's the size of the entire cryptocurrency market a few months ago! Keep in mind that's not including the 20 billion dollars of altcoins that have a lot of room to grow.
To put things in perspective, despite being worth such a large amount the percentage of Gold in circulation(7 Trillion dollars) completely dwarfs the entire cryptocurrency community. If anything this shows how much potential these currencies have in store for the future.
The fact that cryptocurrency has grown at such a fast rate shows how it is quickly becoming accepted as currency and a store of value worldwide. It's still early so we'll see in the months and years ahead how much impact cryptocurrency will have on the world.
True, while Bitcoin has matured and isn't looking very attractive at the moment due to the unresolved scaling issue. Newer coins like Ethereum have a lot of growth ahead of them.
Definitely, Bitcoin could go both ways at the moment especially regarding BIP148 but other competitors such as Ripple and Ethereum show some real promise in terms of use case and adoption.
I wonder if we will see 200 billion in a few months. I think it is totally possible, because we have seen about 2% increase daily for sometime now (just guessing the percentage).
It's definitely possible, with organisations like the United Nations looking into blockchain I think it'll be a matter of time.