The Market Capitalization of the Cryptocurrency Exceeded $700 Billion

The Market Capitalization of the Cryptocurrency Exceeded $700 Billion

The new year began with the activation of the upward movement of most of the most liquid cryptos. As of January 4, the total market capitalization of digital currencies is $ 748 billion.

Overcoming the threshold of $ 700 billion was fed by rally bitcoin, which reached $ 15,428 on the BitFinex crypto-exchange. Thus, the daily growth was about 8%. The current bitcoin exchange rate, according to Coinmarketcap, is $ 15 270, while the market capitalization of the cryptocurrency has reached $ 256 billion.

The bullish momentum arose in response to news that the Founders Fund, the venture fund of the co-founder of PayPal Peter Thiel, held hundreds of millions of dollars in bitcoins as part of hedging operations. Probably, this news will become a strong impulse of optimism for investors, as it means that institutional currencies flow to the markets.

In the screenshot below you can see that in the last 24 hours all top altcoins, as well as bitcoin, have grown in price:

Among the top ten most popular cryptocurrencies in the previous 24 hours, the most significant growth was demonstrated by bitcoin, Ripple, Bitcoin Cash, Cardano, Stellar and NEM. At the same time, during the last seven days, the most active of them grew Ripple, Cardano, Stellar and NEM.

Also note that in comparing with the background of the confident growth of the first cryptocurrency, the bitcoin dominance index is at a record low mark (37.08%).

Recall, about two weeks ago the price of bitcoin reached a psychological mark of $ 20,000, and the total capitalization of the cryptocurrency exceeded $ 600 billion. At that time, the bitcoin dominance index exceeded 50%.

Chart Source: CoinMarketCap