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posted by
cmn32480
on Wednesday June 07 2017, @12:31PM
from the where-it-is-all-made-up-and-the-dollar-value-does-matter dept.
from the where-it-is-all-made-up-and-the-dollar-value-does-matter dept.
Cryptocurrencies, as a whole, now hold over $100 billion in market cap for the first time. While bitcoin (BTC) leads the pack at just over $46.6 billion, or 47.9 percent of all cryptocurrencies, the recent surge in these other coins has helped to push the total cap over the top.
Since the Bitfinex hack low on August 2, bitcoin has traded better than JP Morgan, Goldman Sachs, Tesla, Apple, Google and gold. One of the few stocks to match the frenetic pace of bitcoin has been Nvidia, which is up over 200 percent since July of last year.
[...] Although China, Japan and South Korea are trading at a ~$100-plus premium compared to the exchanges in the United States, most of the volume [on June 5th] has been driven by USD.
Source: Bitcoin Magazine
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Cryptocurrencies Hit $100 Billion Market Cap
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Nadia Comaneci, simple perfection.
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(Score: 2) by fishybell on Wednesday June 07 2017, @01:47PM (5 children)
No it hasn't.
JP Morgan's market cap: 296.59B
Goldman Sachs': 85.02B
Tesla's: 59.79B
Apple's: 813.93B
Google's: 681.43B
Gold's: 7,787B
So, maybe you could say bitcoin and all altcoins trade higher than Goldman Sachs' or Tesla, but not each of them. The price per share is always meaningless compared to the price per share as a percentage of the total market cap. Now, obviously if you bought a bunch of bitcoins at $100 and are now selling them the price per share matters, but it is exactly the same as having bought one of the other stocks for 3.5% of its current value.
The noise about Bitcoin, etc. is not about really about breaking $1,000 or $2,000; it's about how fast it's risen to its current state.
(Score: 0) by Anonymous Coward on Wednesday June 07 2017, @02:48PM
The return on investment has been better. That's what it means.
(Score: 2) by richtopia on Wednesday June 07 2017, @03:55PM (2 children)
You misread that statement:
I interpret that as percent gains since August 2nd. While that might feel like success by some metrics, it could also feel like volatility to others.
(Score: 0) by Anonymous Coward on Wednesday June 07 2017, @04:24PM
This AC already pointed that out [soylentnews.org] over an hour before you did.
(Score: 2) by fishybell on Friday June 09 2017, @12:30PM
You're right. I read "better" as "higher."
(Score: 2) by cafebabe on Thursday June 08 2017, @05:52PM
The market capitalization of a company typically covers expected revenue over the next eight years or more. The market capitalization of a crypto-currency is much more akin to the current value of cash in circulation, as measured in another currency. On this basis, the total market capitalization of crypto-currencies (US$100 billion) exceeds the annual revenue of the world's most valuable company (1/8 or less of Apple's US$813.93 billion).
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