Bitcoin Reaches a New High of $100 Billion In the Cryptocurrency Market Cap

The market cap for the bitcoin has reached a significant milestone. The coin has reached a market cap of $100 billion. This is more than three times the value of the closest currency on the market. This all comes amid concern that there might be a slowdown in the mining process for the bitcoin although that might not hurt the value of the coin all that much.

As of October 30, the bitcoin has reached a market cap of $101.8 billion. This comes as the currency has gone over a value of around $6,100.

The rise in the market cap has come about not only as the bitcoin increases in value but also as more of these coins is being produced. About 16.65 million bitcoins are currently in circulation.

A total of 21 million of these coins can be mined, thus giving more than enough time for coins to be produced in the future. It may take until around the year 2100 for that 21 million coin limit to be reached as the process for mining bitcoins becomes more complex as fewer of them are available for gathering.

The currency continues to grow in popularity and value in spite of some worries in the market. The currency has been subjected to many restrictions in some international markets. It has also been harmed by suspicion among many prominent investors including Warren Buffett who warned that the bitcoin might be a dangerous investment that could lead to a bubble.

Compared With Others

According to Coinmarketcap.com, the market cap of the bitcoin is significantly greater than that of what other coins have. Ethereum is a solid second on the list with $29.2 billion although it is dramatically smaller than what the bitcoin has.

Ripple is in third with a $7.8 billion market cap. Bitcoin Cash has a $7.5 billion cap and Litecoin is at around $3 billion to round out the top five cryptocurrency options around.

The entire cryptocurrency market is still very large in size. Twelve currencies, including NEM and BitConnect, have market caps of $1 billion or greater.

There are more than a thousand such currencies available for trading with the total market cap of those currencies being worth $178 billion. This means the bitcoin has nearly 60% of the total cryptocurrency market.

Changing With Mining Demands

The market cap is expected to keep on being an appealing investment for people to look forward to. The bitcoin has experienced a consistent amount of growth since the start of the year. This comes as there have been some stress bands on the bottom and top parts of the trend that have stayed consistent and are moving upward, thus suggesting that the value will keep on going up in value.

But there have been some concerns over how the mining process for getting the currency managed has some real limits. The mining premium for the bitcoin and other currencies has been going down as the overall mining demand is declining. This could come as people are aiming to invest in the coins that have already been mined at this point.

 

Advertisement

Click To Join Our Community Telegram Group