It appears some important market cap milestones are being hit as of right now. Bitcoin is inching closer toward the US$40bn market cap, a target that has been in the sights for some time now. Ethereum, on the other hand, recently saw major growth, as its market cap grew from US$11bn to US$20bn. All of this goes to show there is a lot of money flowing into cryptocurrency right now.
It has been an incredible roller coaster ride for the world of cryptocurrency these past few years. A lot of people doubted the success of Bitcoin and other currencies not all that long ago. We have certainly come a very long way ever since that time, and the results are nothing short of amazing. In fact, the total cryptocurrency market cap now sits at just over US$90bn.
As is to be expected, the vast majority of that money is injected into Bitcoin directly. With nearly US$42bn in total value, the Bitcoin ecosystem is the most valuable in all of cryptocurrency right now. Earlier today, the Bitcoin price briefly hit the US$2,400 mark, although it will hit that target again at some point in the coming hours or days. Demand for Bitcoin has never been bigger, and it looks as if the trend will not settle down anytime soon.
However, Bitcoin is no longer the only top dog in the world of cryptocurrency. Although Bitcoin still has a substantial market cap lead over its closest “rival” in the form of Ethereum, the gap has been closing rapidly. The total Ethereum market cap was around US$11bn not too long ago. Fast forward to today, and it has just surpassed the US$20bn mark. It is evident investors are not looking just at Bitcoin these days, although that will remain the gateway to most other cryptocurrencies for quite some time to come.
There has been a lot of good news for Ethereum which attributed to this market cap increase. The formation and growth of the Ethereum Enterprise Alliance should not be overlooked by any means.At the same time, the underlying technology has been of great interest to many enterprises. Plus, a lot of new innovative tokens and projects are issued on the Ethereum blockchain around the clock. All of these token ICOs reduce the amount of ETH in circulation and bring more prestige to ETH as a whole.
It is unclear what the future will hold for the cryptocurrency, although there is plenty of reason to be excited. Money continues to pour in as we speak, and it seems this trend will not slow down anytime soon. Moreover, Ethereum Classic has just overtaken Litecoin by market cap, indicating the demand for alternative cryptocurrencies will only grow further. This is absolute madness, but cryptocurrency enthusiasts are loving every second of it.
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