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Cryptocurrencies Hit $100 Billion Market Cap

posted by cmn32480 on Wednesday June 07 2017, @12:31PM   Printer-friendly
from the where-it-is-all-made-up-and-the-dollar-value-does-matter dept.

n1 writes:

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

Original Submission

 
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  • (Score: 2) by Snow on Wednesday June 07 2017, @03:04PM (1 child)

    by Snow (1601) on Wednesday June 07 2017, @03:04PM (#521941) Journal

    To a degree, that's how markets work. Not all of Apple's shares are available for trading either.

    In the last 24 hours, $1.6 Billion worth of Bitcoin has traded hands. If you wanted to sell $1M worth of bitcoin on Bitfinex, it would slip $40, or 1.4% (possibly less if there are hidden buy orders)

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  • (Score: 0) by Anonymous Coward on Wednesday June 07 2017, @03:26PM

    by Anonymous Coward on Wednesday June 07 2017, @03:26PM (#521966)

    Bitcoin is maybe one of the exceptions, but only accounts for 45% of the market cap (source: http://coinmarketcap.com/charts/#dominance-percentage). [coinmarketcap.com]
    Lots of these alts are considered worth 1000's of BTC, yet if you would sell about 10BTC, the value would drop to 0.