The most popular cryptocurrency by market capitalization just shot past a $100 billion market capitalization. After passing the famed $6,000 mark only a few weeks ago and then dropping slightly following the hard fork, the price is now back up. The value of Bitcoin as a whole is now about $102 billion which means that Bitcoin now makes up over 50% of the cryptocurrency market as a whole.
The prices of cryptocurrency have not been changed recently by the high amount of regulatory crackdowns imposed on the currency as well as skepticism from financial market leaders. With several executives across the financial industry showing criticisms about the currency, the coin has finally been able to surpass price action being solely based on speculation. One of the most prominent of these critics has been the CEO of JPMorgan Chase, Jamie Dimon. Dimon has notably called Bitcoin “fraud” which saw the market reacting drastically. Despite warnings from the SEC and other government agencies, the coin has been able to bounce back.
The second most valuable virtual currency Ether, has also gone up by a solid 8% over the course of the past week. This comes after the company Advanced Micro Devices Inc (NASDAQ:AMD), gave warnings about the state of the market.
Advanced Micro Devices Chief Executive Officer Lisa Su stated that “in terms of the headwinds, we have the semi-custom seasonality and we’re also predicting that there will be some leveling-off of some of the cryptocurrency demand.” This was stated during the company’s third-quarter earnings call that occurred last week during the latter half of October.
As the industry responds to these solid gains, several investors are making sure to remain calm and watch the price action very carefully.