Overall Cryptocurrency Market Cap Above $600 Billion, Puts Many Industry Giants Behind

Breaking records after record and that’s exactly what the cryptocurrency market is doing for the past two months. Adding a new jewel to its crown, the overall market valuation has now crossed the $600 mark and is currently growing strong at $619 billion according to our data at the press time.

The growth in the cryptocurrency market has been an unparalleled and unprecedented one in the past two months. Just before the start of November 2017, the market valuations were below $200 billion and soon following the announcement of Bitcoin futures contracts by CME group, the markets sky rocketed to new highs. This means that just in past fifty days, the markets have swollen by whopping 200%.

Bitcoin, the darling cryptocurrency of investors has contributed significantly to this surge and now contributes 50% around $300 billion in market valuations. However, along with Bitcoin, there have been other altcoins like Ethereum and Litecoin who have shown a phenomenal growth in their valuations in just past fifteen days.

Even today, Ethereum and Litecoin continue to grow with strong momentum. Ethereum is currently trading $833 close to its all-time high of $870. It contributes $80 billion to the overall market cap. Litecoin is currently trading at $353 with its all-time high at $372 and contributes $19 billion to the overall market cap.

Another interesting fact is that the huge surge in the cryptocurrency market valuations has beaten the market cap of several big and famous industry giants and the latest one in e-commerce giant Amazon. Amazon has had a phenomenal year so far with its valuation soaring by 60% making company boss and CEO - Jeff Bezos as the richest man in the world. Today, Jeff alone has an individual net worth just below $100, precisely $98.6 billion as on the press time.

Below is the list of few companies whose market cap has been crossed by the overall cryptocurrency valuations:

Amazon ($571 billion)

Facebook ($523 billion)

JPMorgan Chase ($355.6 billion)

Exxon Mobil ($352 billion)

Bank of America ($288 billion)

Wal-Mart ($261 billion)

Intel ($214 billion)

Coca-Cola ($196 billion)

Toyota ($184 billion)

General Electric ($174 billion)

Pepsico ($157 billion)

Walt Disney ($151 billion)

McDonald’s ($135 billion)

Note that this comparison is in no way to belittle the achievements of any of the mentioned companies but to show the speed of growth of the cryptocurrency market. However the overall market valuations at $600 billion are still short of three major tech giants: Microsoft at $666 billion, Alphabet (Google) – $751 billion and tech biggie Apple that stands to $905.05 billion.

It has to be noted that the crypto market is on a wild upsurge and has added $100 billion to its valuation in just past seven days. Going at this speed and a further target is possible however many analysts have warned several times, regarding a possible bubble in the market.