The total market capitalization of all cryptocurrencies has broken into new highs, with coinmarketcap indicating that the market cap of the combined crypto markets is approximately $760 billion USD as of this writing.
The Total Market Capitalization of All Cryptocurrency Markets Is Greater Than That of Google
The market capitalization of the combined cryptocurrency markets has exceeded that of the second largest global company by market cap, Alphabet (Google). The market cap of Alphabet retraced to $650 last month, following a record high of $688 billion in November. Currently, the sole company with a total capitalization larger than that of the combined crypto markets is Apple with $883 billion.
The $760 billion dollar valuation makes the total capitalization of the cryptocurrency markets larger than Switzerland’s current GDP – which is the 19th largest in the world according to IMF data.
Bitcoin’s market cap is approximately $260 billion, having deflated from the record high of $320 billion witnessed last month. Bitcoin’s total capitalization is currently larger than the annual GDP of the 44th largest economy, the Czech Republic. Since January 2017, the market cap of BTC has increased by more than 1,500%, comprising its best performing calendar year in recent memory.
BTC Dominance Establishes New All-Time Low
Despite bitcoin’s immense growth last year, speculation regarding the potential imminence of a ‘flippening’ has pervaded heading into 2018. As of this writing, the dominance of bitcoin is sitting at a historic low of just 34%.
After making price gains of over 1,000% during December alone, Ripple has suddenly become widely perceived as a likely threat to bitcoin’s dominance of the cryptocurrency markets. As of this writing, XRP has a market cap of roughly $137 billion – comprising more than 17% of the total market capitalization of all cryptocurrency markets. The current market capitalization of XRP is larger than the annual GDP of Kuwait – which is the 59th largest national economy.
Ethereum was frequently touted as the altcoin most likely supersede bitcoin’s dominance throughout 2017, with ETH’s market dominance peaking at 33.9% in June – at a time when bitcoin’s dominance was just 39.2%. The total market cap is Ethereum is currently sitting at an all-time high of nearly $92 billion, making such the third largest cryptocurrency by total capitalization. Bitcoin Cash currently has the fourth largest cap – bolstering more than $42 billion.
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Images courtesy of Shutterstock, Coinmarketcap