It is no surprise that the cryptocurrency market has been in the news due to its expansion. A significant amount of money has entered the overall market in the increase in popularity. Bitcoin forks have increased the number of currencies and spread funds across more platforms.
The numbers speak for themselves. On January 1st, 2016 the overall cryptocurrency market cap was at a mere $18 billion. Less than a year later, the cryptocurrency market now sits well above $300 billion with the potential to increase over the next year.
Most people did not expect the value of the market to soar at the rate it has, especially in less than a year. Bitcoin and other cryptocurrencies have made their mark in the market and show no signs of going anywhere anytime soon. One factor responsible for such a large such was an increase in the ICOs.
June marked a milestone when the market surpassed $100 billion for the first time. Things came to a bit of a slowdown before the market hit $200 billion at the beginning of this month. It took less than a month for the market cap to hit $304 billion, with the future looking bright as the price and market continues to rise. There’s not a lot of understanding on how cryptocurrency will look in the future, but both veterans and beginners can watch and see how things evolve over time.
Bitcoin isn’t the only cryptocurrency to watch. The Bitcoin Dominance Index is hovering around 50 percent in competition with others including Litecoin, Ethereum, Monero and Dash which have been hitting their own highs and milestones throughout the year. The only thing to do at this point is to keep your eyes open and watch the market to see where it goes in 2018. The cryptocurrency market is something to follow closely because no one truly knows how things are going to turn out as the new year comes in.