The combined market cap of all digital currencies has now reached almost $70 billion, standing around $69.8 billion, rising $10 billion in just two days, more than doubling in a month from around $30 billion in April.
Most digital currencies are up today, with bitcoin and ethereum continuing a bull run. The former has doubled this year, while eth has increased nearly 10x, breaking $100 yesterday and now trading at around $120.
Ethereum has seen wide adoption, with its market cap now around the same level as bitcoin’s last year, while its transaction levels have reached around 50% of bitcoin’s, a very first for any digital currency.
The main reason for this rate of adoption is probably because eth’s smart contracts functionalities allow the platform to be used in a variety of applications, ranging from music to industrial machines, combining art with finance and science.
Most other digital currencies are up too, including ripple which recently took the second place in market cap. Ethereum re-took that position yesterday, but ripple has now moved slightly ahead again based on now somewhat old news that some Japanese banks are using it.
NEM saw a considerable rise recently, from an irrelevant market cap to nearly $2 billion, a market cap that used to be very rare, not breached by any other currency except for bitcoin back in 2013 and ethereum last year.
Now it’s becoming a bit more common, with litecoin standing not far from it at nearly $1.5 billion as the entire space experiences a boom of a kind never seen before in what may be called the digital currencies spring.
But not all are currencies, some are tokens, which are better described as digital assets. They are usually based on ethereum and they are commanding some respectable market cap. The highest currently is Golem, at $200 million, with Gnosis and Augur not far behind with the near same level of valuation.
The focus, however, is on the top two: Bitcoin and Ethereum. Some say eth will overtake bitcoin’s market cap by the end of the year, a pretty bold prediction, but ethereum is a superset of bitcoin, it can do everything btc does (and it can do so better), while being able to do far more through smart contracts.
As far as projects, innovation, development, ecosystem, activity and attention, it may have already overtaken bitcoin which has stagnated from a protocol and technological viewpoint. So maybe it will do so in market cap too.