Written by William Subergstaff writerReviewed by Igor Belkinformer editorCryptocurrency Market Cap Reaches Record $161 bln, Investments Flow
Latest NewsPublishedAug 29, 2017
Market cap and trading records have come to cryptocurrency this week amid a surge in investments versus traditional assets.
The cryptocurrency market cap has passed $160 bln for the first time, as trading platforms post new records.
Data from Coinmarketcap and Coin Dance show market activity and growth spiralling in the week ending Aug. 26.
The growth to almost $162 bln caps an extraordinary month for cryptocurrency, which began in August below $90 bln.
ICO token popularity has contributed to the sudden increase, with Bitcoin dominance falling below 50 percent once again in the second half of the month to currently sit at just below 45 percent.
At the same time, trade volumes for Bitcoin shot up last week in line with steadily increasing prices.
Localbitcoins posted its second-highest weekly figure of $44.4 mln for the seven days to Saturday, while fellow platform Paxful established a new all-time high of $8.7 mln.
Funds flowing into cryptocurrency versus traditional assets has become an increasing talking point in recent weeks.
Mainstream investors have gone on record to state their preference for crypto over gold or commodities for the rest of 2017, while figures highlighted by Chinese exchange BTCC today show the extent to which gold has taken a back seat for shorters.
Investment in gold fell $30 billion over the past 10 weeks, while investment in #bitcoin rose $71 billion. ?????? https://t.co/0uv3GntESp pic.twitter.com/b6cQoJRsTG — BTCC (@YourBTCC) August 29, 2017
Subscribe to daily byte-sized crypto news from Cointelegraph
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
More on the subject
