Receive all Cointelegraph news immediately in Telegram.
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 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.
Follow us on Facebook
For updates and exclusive offers, enter your e-mail below.
Thank you for contacting us! We will reply to you as soon as possible.
Thank you for your interest in our franchise program.
We are considering your request and will contact you in due course. If you have any further queries, please contact: