Bitcoin and other altcoins have made headlines, with the overall market capitalization hit an all-time high of over $800 billion on Sunday. The market previously maintained a high of $700 billion. This is after a bearish December and a staggering start of 2018.
The market started 2017 with an $18 billion valuation and maintained a constant bullish trend to a previous record high of $500 billion. The trend seems promising as the industry nears to be a trillion-dollar industry.
The overall market cap was influenced by 3 major factors with Bitcoin leading the list. BTC managed to regain its value from its lowest in December to a new high of over $16000. It recently lost its market dominance index to a low of 36% as other altcoins play catch up.
Ethereum has also helped to push the market cap as it hits its all-time high of $1000 on Friday. Adoption of its network and use of DApps has helped increase the activity and usage of Ethereum and its network.
Ripple made huge gains in 2017 and even overtook Ethereum as the second largest cryptocurrency in the world. This helped to move its market cap and for the overall crypto market cap to record high.
The major factors had the support of fundamental factors as influential, countries and huge financial institutions join the party. With such parties in play, the crypto world will soon hit the 1 trillion-dollar mark.