Crypto winter is officially over as numerous digital currencies posted record-breaking highs. With a market cap of $385 billion, the collective digital asset hit a 13-month high on June 27 this year. The combined crypto market cap was above the $380 billion mark in May 2018. The subsequent Bitcoin bubble in 2018 drove the cryptocurrency industry to new lows.
The market value maintained a sideways trend since late November 2018 to early March 2019. The digital assets started showing an upward trend soon after Bitcoin’s breakout rally, which also saw several of its altcoin counterparts breaching resistances at several points.
Even as the figure had dropped at press time, the combined market cap stood at $334 billion with Bitcoin leading the pack and dominating the market by a staunching 61.8%. Meeting expectations of the crypto experts, Ethereum followed suit to hold a market cap of $32.7 billion, resulting in holding 9% of the total market cap. Similarly, Ripple’s in-house token, XRP held $17.6 billion market cap followed by Litecoin at $8.2 billion.
Moreover, Ethereum had also gained significant momentum in terms of adoption owing to numerous developments within the ecosystem that have resulted in the influx of buying pressure. One of the most prominent examples in this effort is Ethereum “ETH 2.0” Serenity upgrade, which has fueled the crypto’s valuation by 150% within the span of three months.
Significant developments in the industry have prompted fresh rallies that are being led mostly by the oldest and the largest crypto-coin. Despite the fact that the latest entrants were not well-received by several crypto proponents, there is no denying that the industry giant’s like Facebook and JP Morgan’s foray into ecosystem have increased the scope of adoption. It is also important to notice that curiosity surrounding the crypto space have reached new highs with both Google Trends and Baidu witnessing massive search volumes of Bitcoin [surpassing mainstream names including Kim Kardashian].
What was previously assumed to disrupt the status qu0 of legacy institutions, crypto-dedicated firms are teaming up with these traditional entities to enhance the already existing system with their ingrained innovative technology, for instance, Ripple and MoneyGram partnership.
Litecoin foundation, led by Charlee Lee, has also amped up its adoption spree, made possible through its recent release of a debit card for making crypto payments to any business accepting digital payment. This is one of the main factors behind LTC’s survival during the crypto winter. In addition, Litecoin ecosystem also managed to increase the digital silver’s viability by taking numerous steps to reduce transaction times.