Crypto Asset Class Clears $90 Billion as Bitcoin Price Spikes

Spurred by a massive uptick in the price of bitcoin, the total value of all cryptocurrencies passed $90 billion yesterday, a high not observed since early July.

With the move, the market capitalization of the asset class is again advancing toward $100bn, a figure it first exceeded in June when it reached an all-time high of $115bn.

At press time, the market is valued at just over $94 billion.

Still, it remains to be seen how much of that capital will remain given the rapid escalation observed in the price.

On Thursday, the price of bitcoin increased from just under $2,500 to a high of $2,889 amid an increasingly positive outlook for its technology development, analysts said.

Data from Coinmarketcap indicates the market capitalization of the digital asset increased accordingly, rising to $46 billion, from an opening figure of $37.9 billion.

Despite the rising bitcoin price, however, other assets have been performing strongly.

At publication, nine of the top 10 cryptocurrencies were showing gains, with only one, ether, showcasing a slight 24-hour decline. The figures further suggest an influx of largely new capital into bitcoin, rather than investors repositioning prior investments.

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