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Cryptocurrency market reaches $96.5 billion

(C) iStock.com/bubaone

The cryptocurrency market has continued to expand in recent years.

According to coinmarketcap, the total market cap for cryptocurrency has reached $96.5 billion this year. Bitcoin has continued to dominate the market, with gains of 157% year-to-date and a $43 billion market cap.

However, the market has begun to open up, typified by the explosion of Ethereum this year. The price of Ethereum hit a record high of $250.41 per coin on 04/06/17.

Aurelien Menant, CEO of regulated cryptocurrency exchange Gatecoin recently told CNBC:

“There is a lot of fresh liquidity flowing into bitcoin, thanks to a surge in interest among investors in Asia, notably Japan and Korea, coupled with a resolution to the scaling debate. I would not be surprised to see the bitcoin price doubling again to around $6000 by the end of the year.”

In recent article on the overall health of the market, trader Jim Fredrickson wrote:

“But these last few days I am having a slight change of heart.  There is so much money pouring into the cryptocoins, and there is no reason to believe that will stop soon. In fact, the amount of money pouring into there might just keep on increasing for years.”

 

Interested in hearing leading global brands discuss subjects like this in person? Find out more at the Blockchain Expo World Series, Global, Europe and North America.

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