Bitcoin price hit a new all-time high on Friday, 3rd November, surpassing $7,400. Thus, the current total market capitalization of cryptocurrencies is around $200 billion, according to CoinMarketCap. The current total market cap of Bitcoin itself is around $123 billion, representing 62% of the total capitalization of all digital currencies. The “people’s currency” was up with 5.82% from Thursday, and overall the growth Bitcoin has seen this year is around 800%, according to Coinbase.
Source: Coinbase, 2017
After CME said it would introduce bitcoin futures late this year, the price and momentum of bitcoin skyrocketed. The futures contracts will be cash-settled, as reported by CME. In addition, Bloomberg called bitcoin “legit for the better or worse”, which may have further contributed to the rising price of bitcoin.
Source: CoinMarketCap, 2017
According to Coinspeaker and Pavel Matveev, CEO at Wirex:
“Bitcoin is smashing its own record highs out of the park today because of an unstoppable recognition within society of its potential to make payments simple, cost effective and fast. Rapid rises over the past few days is a lot to do with an awakening amongst financial institutions that Bitcoin is transforming how the world thinks about money.”