If there is one huge testament to the success of digital assets, it is their total coin market cap, or the market capitalization of the cryptocurrency.
Truly, numbers don’t lie. And the figures hitting he headlines are clear evidences that the cryptocurrency market has outperformed traditional financial instrument in a lopsided manner. Despite questions and doubts from pundits, thousands of investors are putting their money and taking the risk in order to reap profit in the growing industry.
According to the figures from the report released by Motley Fool, the total coin market cap of cryptocurrency has surged by a whopping 800% in the year 2017 alone. The sharp climb only covers the first nine months of the year and there is still remaining three months, which are expected to be a period of additional gains for the digital assets.
Currently, their aggregate coin market cap is at $158.5 billion, almost doubling the output in the first quarter, which was just around $80 billion or nearly twice of Bill Gate’s wealth of $46 billion.
Bitcoin has the biggest coin market cap among all the digital assets but each individual cryptocurrency has notable contributions to the unprecedented rise of the new alternative investment. It has climbed near the $160 billion in the first week of September as Monero and Litecoin cruised to their respective all-time highs.
The recent movement of the two protocol assets shows that there is growing interest in digital currencies and more money is being poured in the market. The beauty and power of the blockchain technology has dragged investors towards the cryptocurrency market and it is slowly becoming the new face of the financial market.
Bitcoin remained as the leader and the most valued in the industry with more than $70 billion total coin market cap while Litecoin and Monero tallied $3.5 billion and $1.7 billion respectively. The rising digital currency, Dogecoin, which was created out of jest, has even accumulated $200 million.
Ethereum emerges as the biggest winner this year as it has recorded more than 4700% gain to push its aggregate coin market cap to $28 billion, which secured its spot as the second most valued digital currency.