The investor appetite for investing in cryptocurrencies has reached an all-time high and doesn’t look like it’s slowing down anytime soon. With the market capitalization of all cryptocurrencies reaching a new high as well, interest in the currency is peaking right now.
The market as a whole rose to over $300 billion for the first time in its history on Sunday, November 26th according to the industry based website known as coinmarketcap.com. As of 9:00am London time on Monday Morning, the market capitalization or market cap of the industry reached around $305 billion. This all occurred as the most popular currency in the digital space, bitcoin passed the all-time high amount of $9,600 as of Monday with Ethereum reaching new highs as well.
Don’t Forget to Join our FREE Text list! From Your Cell Phone Text the Phrase CRYPTO to 474747
Frank Holmes, the chief executive officer at U.S. Global Investors stated that it is in fact difficult to stay where the market ill go and what coins will survive, but investor trust in the industry will grow with time. He stated that “”What bitcoin has done, it has woken up everybody to the power of the blockchain technology (the underlying ledger that supports bitcoin), like emails woke everyone up to the internet. At the beginning people didn’t trust the internet. So we don’t know who’s going to survive. We saw Google being surpass Yahoo, how this will evolve I don’t know.”
The rise of bitcoin has occurred incredibly rapidly as has the rest of the market in the space and the debate continues as to where the market will go. The CEO of JPMorgan, Jamie Dimon has been a notorious critic of the currency but it continues to rise even amidst his comments. The hopes are high that the market will continue to grow despite skeptics in the space.