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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: 0) by Anonymous Coward on Wednesday June 07 2017, @03:30PM (1 child)

    by Anonymous Coward on Wednesday June 07 2017, @03:30PM (#521969)

    The drug dealers, in fact any recipient, will want to eventually convert their bitty box-top stamps to some real currency that they can use to buy a cup of coffee. If nobody is willing to trade any green for them, either because of illegality or futility, the "cryptocurrencies" may be less useful than Flooz.

  • (Score: 0) by Anonymous Coward on Wednesday June 07 2017, @04:28PM

    by Anonymous Coward on Wednesday June 07 2017, @04:28PM (#522028)

    The exchange will occur in the black market, because people with dollars also want to do illicit stuff. Bitcoin can simply facilitates a huge portion of the black market—perhaps even in a closed-loop fashion that doesn't require converting to dollars, anyway!

    Money means nothing; it's the human activity that matters—as long as people are getting blowjobs, it'll work.