The total cryptocurrency market cap has surpassed USD 300 billion as of 24 July 2018, reaching as high as USD 304 billion earlier today. This is a USD 71 billion or 30% increase from lows hit on 29 June 2018, less than a month ago. Bitcoin’s price has rallied from USD 5,800 to USD 8,500 during the same time. The last time the market cap was USD 300 billion was back on 10 June, when prices were crashing following a rally that peaked in early May when the market cap hit USD 471 billion.
The rally appears to be mostly driven by speculation that a Bitcoin exchange traded fund (ETF) proposed by VanEck and SolidX will soon be approved by the United States Securities and Exchange Commission (SEC), which will make Bitcoin available on major stock trading platforms worldwide where trillions of dollars are traded. This will make it easier than ever for institutional investors to buy Bitcoin. Additionally, there are numerous predictions from cryptocurrency experts calling for Bitcoin to hit between USD 10,000 and USD 100,000 in the next year.
Bitcoin’s dominance percentage has steadily increased during this rally, meaning that other cryptocurrencies have generally declined relative to Bitcoin. Bitcoin’s dominance percentage went as low as 41.33% on 3 July but is now up to 47.3%. Ethereum’s dominance percentage declined from 17.6% to 15.9% during the same period. Based on past data, Bitcoin’s price rising combined with an increasing Bitcoin dominance percentage is a similar market setup to the rally that brought Bitcoin prices up to USD 20,000, unlike the Bitcoin rally that peaked in May which coincided with a declining Bitcoin dominance percentage.
One exception to the recent overall trend of crypto declining relative to Bitcoin is Stellar, which has rallied 64% since 12 July. Stellar jumped Litecoin in the crypto market cap rankings and is now in sixth place at USD 5.67 billion, USD 600 million higher than Litecoin and USD 2.2 billion less than EOS.
The cryptocurrency market cap still has a long way to go before reaching all-time highs. The record cryptocurrency market cap was USD 818 billion on 6 January 2018.
Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom
Telegram Alerts from BitcoinNews.com at https://t.me/bconews
Image Courtesy: Pixabay