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Cryptocurrency Market Cap Reaches Record Highs of $150 Billion

The combined market cap of all cryptocurrencies has risen to an all-time high of just over $150 billion, fueled by increasing investment in digital currencies such as bitcoin.

According to figures reported from CoinMarketCap, the total market cap had exceeded $154 billion at the time of writing, reflecting growing optimism around the cryptocurrency space.

This figure puts the combined value of over 800 cryptocurrencies up 13 percent on the previous week, and a staggering 1,240 percent on the year.

In recent weeks, much of the market focus has surrounded new record highs set in bitcoin, with other similar currencies experiencing their own record price rallies over the period.

However, analysts have noted that the market cap’s new record was set during a trading session where none of the individual coins factored in have been trading at such high levels, reflecting a broader base in support across these markets.

Bitcoin was trading at $4,275 at the time of writing, alongside ether at $324 — both far short of their recently set all-time price highs. The same was reflected across other notable currencies, including litecoin, dash and monero, which have seen prices remain largely stable and under record levels.

The exception to the rule has been Ripple’s XRP, which has risen to $0.28 after strong trading performance over the last 48 hours. A rise of over 50 percent on the session so far has helped Ripple gain ground, although the drive in market cap appears to have come from a much broader base.

According to analysts, the growth in market cap is a signal of cryptocurrency’s growing acceptance as an asset class, helped in part by increasing coverage of bitcoin markets, and a growing willingness among traditional investors to embrace innovative alternatives.

Bitcoin in particular has enjoyed strong growth in recent weeks, following on from the fork in early August. After much of the uncertainty weighing on the market was lifted, prices have rallied to new all-time highs of $4,500, with signs of support at and beyond that level.

The news will be welcomed by cryptocurrency investors more broadly, who stand to gain from the additional capital flows into the market.

As bitcoin and other digital currencies become ever more central to the blockchain future, it looks as if the long-term picture remains bright for the digital currency markets.

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