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Cryptocurrencies' market cap hits record $200 bln as bitcoin soars

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Cryptocurrencies' market cap hits record $200 bln as bitcoin soars

Postby MrFredPFL » Sat Nov 04, 2017 10:53 pm

Story :

The aggregate value of all cryptocurrencies hit a record high of over $200 billion on Wednesday, according to industry website Coinmarketcap, putting their reported market value at more than that of U.S. banking giant Citigroup.

The new record came as the biggest and best-known cryptocurrency, bitcoin, hit a record high of $7,500 on the Luxembourg-based Bitstamp exchange, after a more than tenfold increase in value over the past 12 months.

That took its own "market cap" - its price multiplied by the number of coins that have been released into circulation - to a record high of more than $120 billion.

The second-biggest cryptocurrency, ether - sometimes known as "Ethereum" after the project behind it - has a market cap of just below $30 billion, with another 1000 or so rival digital currencies making up the rest of the $200 billion.

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