Once dismissed as a ‘bubble’, cryptocurrencies now have the attention of the entire world, with the recent unanticipated surge in the price of Bitcoin.
As per data from CoinMarketCap, the total market cap of all cryptocurrencies together rose above $300 Billion on Sunday, November 26th, 2017 at 12:30 AM EST.
By June 2017, the total market cap was at $100 Billion, but it rose to $200 Billion by November, and shot for the skies at $303 billion like a missile—before November could even come to an end. As of December 4, the total market cap has risen even further at $341 Billion!
This is how the total market capitalization looks in a graph; the offshoot starting April 2017 is visibly swift:
With the current total market cap of $341 Billion, the cryptocurrencies together are the 5th most valued currency in the world, in terms of banknotes and coins in circulation, next only to the US Dollar, Euro, Chinese Yuan, and the Japanese Yen.
The largest market cap out of the total is, of course, occupied by Bitcoin—55.88% of the total. Out of the rest, Ethereum occupies 13.10%, Bitcoin Cash 7.62 %, Litecoin 1.58%, Dash 1.73%, and Ripple 2.84%. The rest of the market value i.e. 17.25% is shared by the other 1318 cryptocurrencies.
Three cryptocurrencies (Bitcoin, Ethereum, and Bitcoin Cash) have already broken suit and entered the list of top 20 most circulated currencies in the world, and more will follow.
Blockchain might have derived its fame from Bitcoin, but its utility far outweighs that of its original ‘use-case’. Blockchain—is already, and — will revolutionize technology itself in every sector conceivable.
Following the recent developments, a lot of people who were earlier sceptical of cryptocurrencies, are now endlessly praising it. Listen to what a JPMorgan Analyst, Nikolaos Panigirtzoglou, has to say:
“The move to join more formal financial markets has the potential to elevate cryptocurrencies to an emerging asset class. The total value of all the cryptocurrencies is now more than $300bn compared to $1.5 trillion for all of the gold outside central bank’s vault.”
“ Judging by other stores of wealth such as gold, cryptocurrencies have the potential to grow further from here. The blockchain technologies which underpin bitcoin appear to make it particularly secure for transactions and for storing wealth.”
Blockchain is the future. That’s why it has attracted investments from many major giants including Google, Goldman Sachs, Microsoft, IBM, Accenture, JP Morgan, Bank of China, Bank of England, SBI, ICICI, Softbank, Sprint, Thomson Reuters, Cisco, i.e., to name a few.
Many Cryptocurrencies have utilized Blockchain to build interesting models that will revolutionize the way we make transactions— of money or of other information. Take for example, Power Ledger (renewable energy) IOTA (Internet of Things), EOS (Decentralized Applications—DApps), ParagonCoin (Legalization of Marijuana), and Filecoin (a data storage network), etc. The scope of innovation with Blockchain Technology is limitless. Our startup, Velix.ID, for example, is building a platform that will substantially simplify the process of verifying identities globally, in a manner that optimizes time & cost resources for both businesses and consumers.
As per John McAfee, Bitcoin’s price will soar to a $1 million. However, not just Bitcoin, but with the recent growth rate of the cryptocurrency market—an increase of 50% in less than a month — and increased innovations with blockchain technology, the entire Cryptocurrencies market will be worth at least 10 trillion USD by 2020, if not more.
The cryptocurrency-wagon has a long journey to cover—the choice for anyone is to either hop on or be left behind.