The crypto markets have gone through a clear revival in the past six months, breaking above $300B in overall market capitalization for the first time in over 6 months.
Crypto Markets Show Renewed Optimism
Both Bitcoin (BTC) and altcoins moved up from bottoming out in December, and the markets seem to be on the path of recovery. Led by BTC, almost all assets are breaking out of their lows. Previously losing altcoins actually achieved robust returns on a year-long time scale.
On Wednesday, after the latest BTC hike above $10,000, the overall market capitalization reached just around $300 billion. Soon after that, the markets dipped a bit, but stayed close to that range. At this valuation, the crypto market is worth just a fraction of the price in comparison to some the biggest companies, as in the case of Apple, Inc. (AAPL), which is valued at $1.39 trillion.
— W€N L€MBO (@wenlembo) February 12, 2020
But the hopes for the crypto market are that $300 billion is just a small milestone on the way to a valuation of up to $1 trillion. While market cap is not a reliable measure, and does not match the liquidity for all assets, it is still helping to reveal a trend. In December 2017, the overall market cap briefly reached above $790 billion, showing the markets were capable of nearing the $1 trillion landmark.
After two years of altcoins bear market, and a relatively tame year for BTC, 2020 opened with significant optimism. A selection of top altcoins also show support for significant liquidity.