3 cryptocurrencies hit $207 billion in market cap; 40 per cent jump in 6 months

Source: IBS Intelligence 2020-07-17

COVID-19 has made investors search for assets that can offer shelter during stock market fluctuations. According to data gathered by BuyShares.co.nz, the market capitalisation of the 3 leading cryptocurrencies reached $207 billion last week which is a 40 per cent jump since the beginning of the year. Due to their decentralised nature, cryptocurrencies positioned as an inflation-resistant hedge.

Market cap surged 90 per cent after COVID-19 crash

In January, the market capitalisation of Bitcoin, Ethereum and Tether, as the 3 leading cryptocurrencies amounted to $148.86 billion, as revealed the CoinMarketCap data. Due to the COVID-19 crash, this value tumbled to $106.51 billion on March 15, almost a 30 per cent drop since the beginning of the year.

However, the leading cryptocurrencies promptly recovered, with the market capitalisation surging 90 per cent in the following 3 months and reached $202.37 billion in June. The increasing trend continued in the following weeks, with the figure growing by $4.6 billion and reaching $206.97 billion on July 12. Statistics indicate the combined market cap of Bitcoin, Ethereum, and Tether has increased by 40 per cent since the beginning of 2020, despite the effects of the coronavirus outbreak.

Ethereum market cap increased 90 per cent since January

The CoinMarketCap data revealed that the Bitcoin market cap jumped 31 per cent in the last 6 months. In January, the market capitalisation of the cryptocurrency amounted to $130.54 billion. By mid-March, the figure tumbled to $88.96 billion. However, the last few months witnessed a recovery, with the market cap rising to $170.87 billion last week.

Statistics indicate that Ethereum witnessed the most significant market cap increase in 2020. In the last 6 months, the market capitalisation of the second-leading cryptocurrency surged by 90 per cent, rising from $14.22 billion in January to $26.91 billion last week.

BuyShares.co.nz mentioned that the statistics show that the Tether market cap rose from $4.10 billion in January to $9.19 billion on July 12, which is a 35 per cent jump since the beginning of the year.

Cryptocurrency

Bitcoin

3 cryptocurrencies hit $207 billion in market cap; 40 per cent jump in 6 months

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