The total value of all cryptocurrencies set a new all-time high today, rising above $126 billion for the first time in history, according to data from CoinMarketCap.
The new benchmark was set at 8:00 UTC and comes just four days after the crypto asset class set a previous record above $116 billion.
At press time, the price increase appears to be driven by a new influx of capital into bitcoin, the markets oldest and perhaps best understood asset. Over the last seven days, the value of one bitcoin is up more than 20%, rising to over $3,500 from $2,854 last Friday.
During that time, the total value of its coin supply also rose, climbing in value to $57 billion from $47 billion a week ago.
Strong gains have also been seen in the top-10 cryptocurrencies by market cap.
Neo (formerly Antshares), a well-publicized project out of China saw its market capitalization pass $1 billion for the first time. Over the past seven days, it has seen its market capitalization rise to $1.7 billion, up from $550 million, as its price per coin climbed to $34, up from roughly $10 seven days ago.
Elsewhere, IOTA also rose to $1.7 billion, up from $1.1 billion, while ether, the native cryptocurrency on the ethereum blockchain, increased its total market cap to $28 billion, up from $21 billion a week ago.
But that's not to say all cryptocurrencies have seen such big movements during the period.
Bitcoin cash, the cryptocurrency created in last week's bitcoin fork, added little new value to its market, inching up to $5.4 billion, from $5.1 billion a week ago.
Hot air balloons image via Shutterstock
sources;https://www.coindesk.com/126-billion-cryptocurrency-market-just-set-new-time-high/
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