The investment category of cryptocurrencies hit a new milestone on Tuesday, one that would have been unfathomable just a couple of years ago: $100 billion in combined market capitalization. <\/p>\n
The break above the 12-digit threshold is largely attributable to bitcoin, which is by far the largest digital currency in the still-nascent category, and which has been on a tear lately. <\/p>\n
Bitcoin BTCUSD, +8.61% has more than tripled in 2017, according to crypto pricing site CoinDesk, and on Tuesday it rose more than 7% to $2,879.80. Earlier, it hit a record above $2,900. Those gains have brought its market cap to $46.68 billion, accounting for nearly half of the entire category. <\/p>\n
At its current size, bitcoin has surpassed the market capitalization of such major companies as Ford Motor Co. F, -1.16% Deere & Co. DE, -0.22% and Delta Air Lines Inc. DAL, -0.31% It is larger than more than two-thirds of the components of the S&P 500 SPX, -0.28% <\/p>\n
The swift rise in bitcoin prices have raised concerns about valuation. On Tuesday, the billionaire Mark Cuban tweeted that bitcoin prices were in a bubble, adding, I just dont know when or how much it corrects. He also called cryptocurrencies more religion than asset. <\/p>\n
Read: Heres how blindingly fast bitcoin has been surging <\/p>\n
Related: 3 reasons why bitcoins surge may not be a bubble <\/p>\n
And dont miss: Bitcoin is up over 400% in the past yearwhats stopping it from going mainstream? <\/p>\n
There are more than 800 cryptocurrencies, according to CoinDesk, although most of them are thinly traded and have market capitalizations under $1 million. Only eight cryptocurrencies are worth more than $1 billion. <\/p>\n
Besides bitcoin, ethereum is the most widely used product, with a market capitalization of nearly $24 billion. Ethereum has been an even bigger gainer than bitcoin in 2017. It started the year at $7.98 per coin, and is currently trading at $261a rise of nearly 3,200% year-to-date. <\/p>\n
Ripplethe third-most valuable on this metric, and which is up more than 25% over the past weekrecently cracked $10 billion in value. <\/p>\n
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With bitcoin surge, cryptocurrencies top $100 billion in market capitalization - MarketWatch<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The investment category of cryptocurrencies hit a new milestone on Tuesday, one that would have been unfathomable just a couple of years ago: $100 billion in combined market capitalization. The break above the 12-digit threshold is largely attributable to bitcoin, which is by far the largest digital currency in the still-nascent category, and which has been on a tear lately Continue reading