Capitalization of cryptocurrency market reached new records

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After a two-day period of sharp decline just before the New Year, most of cryptocurrencies are now rising again, which contributes to a rapid increase in aggregate market capitalization.

The last record high comes just under a month after the market reached a total capitalization of $500 billion. This huge increase coupled with the fact that in 2017 began with a total of $18 billion seems to indicate that cryptocurrency is on the way to becoming a trillion-dollar industry.

Bitcoin, the original cryptocurrency, is fluctuating in a relatively stable price range from $16,500 to $17,000 with a slight increase over the past week. Nevertheless, the share of its capitalization in comparison with the market value in general is still at all levels of about 34%, since the large competitors seem to be ahead of it.

For example, Ethereum first exceeded the $1,000 mark this Friday and continues to grow. Among the possible reasons for this dynamic is the huge level of adoption of the cryptocurrency, which seems to be higher than the rest of the market.

Ripple is another major growth producer in the market. It began to develop rapidly in mid-December 2017 and has already managed to displace Ethereum as the second largest cryptocurrency due to market capitalization, making its own chairman potentially the richest person on the planet in this process.