The Time to Invest in Cryptocurrency is Now
With the total market capitalization of all cryptocurrency combined over $170 billion, is now the time to invest?
The market cap represents over 850% increase from the beginning of the year where the combined total of all currencies equaled $17.7 billion.
Many are asking the question, why are these currencies growing so quickly and reaching new high’s all the time?
One answer to that question is the fast paced and large supply of Initial Coin Offerings or “ICOs“. The rising number of ways to trade and currencies to trade are keeping investors interested in the growing trend.
During the first half of this year alone, companies raised over $1.3 billion through the use of ICOs.
Fintech firms have raised more than ever through ICOs during the beginning of this year than they would’ve through more traditional means.
The innovative way that these ICOs are being presented is drawing investor for left and right. Brad Chun, the chief investment officer of hedge fund Shuttle Fund Advisor stated that “the ease of fundraising via an ICO is drawing both entrepreneurs and investors away from less effective capital raising channels.”
One of the ways that the prices of cryptocurrencies are being changed is the growing number of hedge funds devoted to investing in digital assets. There are currently over 50 hedge funds that deal with cryptocurrencies as their main focus.
Arthur Hayes, the co-founder and CEO of leveraged cryptocurrency trading platform BitMEX stated that “as new funds complete their legal paperwork and begin purchasing crypto assets, the market will continue to reach new highs.”
Hayes further stated that “the market is in the midst of a phase shift upwards towards greater adoption. This positive momentum will continue to attract new money into the ecosystem.
As many accept the fact that cryptocurrencies are legitimate and growing exponentially, more investors are flocking to the digital world of money.