After a long period of slump, cryptocurrency market cap has crossed $500 billion once again. Since the start of 2018, we have seen a great degree of volatility in this market. The main reason behind this regain in value is the soaring price of top five currencies. Bitcoin is leading the race with more than $10,000 value. The market cap of the cryptocurrencies crossed $500 billion on Saturday. Since January 30, this is the highest value. This shows a 22% increase over the past seven days and 84% increase over its lowest value of $276 billion on February 6.
Here, it is worth mentioning that cryptocurrency market cap was $595 billion at the start of the year. It went up to $826 billion on 8th January. This increase in the crypto market cap was temporary as the market went down to $427 billion on 17th January. Next day, it touched $579 billion. On January 21st, there was a spike in the values of cryptocurrencies and the market cap touched $636 billion. January closed with a total market cap of all the cryptocurrencies at $491 billion.
February has proved a night’s mare for the cryptocurrencies. This is because the total market cap of all the cryptocurrencies touched $285 billion on February 6. The value of the world’s top cryptocurrency Bitcoin dropped to $6200. Ethereum, Ripple, and all other altcoins also went down. This was due to ban news on cryptocurrency’s trading in many countries. Many of the leading banks in New York banned the trading of cryptocurrencies through credit/debit cards. South Korea also announced to bring regulations for this trading.
The total market cap of all the cryptocurrencies touched $441 billion on 11th February. And, it has crossed $500 mark on Saturday.