The sudden and massive run up on Bitcoin Saturday pushed the market cap for the cryptocurrency above $50 bln for the first time ever, leaving investors thrilled. The day’s growth will have a substantial impact on the market cap of all cryptocurrencies, which has seen large increases in recent weeks.
As the news of the fork on Aug. 1 waned, Bitcoin pressed forward at more than 12 percent at press time, seeing huge gains over $3,200. The spike is likely the result of a stabilized market after the fears of the fork were overcome by widespread confidence.
At the $3,095/BTC mark, the total market cap of Bitcoin crossed $50 bln, more than double that of Ethereum ($21 bln), for those who had predicted the ‘flippening.’
While the number may sound massive, it pales in comparison to the market cap of other stores of value like gold ($6.5 tln). However, because of the limited supply of Bitcoin, and increasing demand for safe haven investment vehicles, it remains highly likely that Bitcoin will continue to gain market cap value.