Crypto market cap is the most accurate way of knowing the size of a cryptocurrency. The crypto market cap (capitalization) is calculated by multiplying the circulating supply with the current price. These prices are derived from the respective digital currency websites.
Here are 5 interesting facts about total crypto market cap:
Bitcoin is the most expensive cryptocurrency
Bitcoin was not only the first cryptocurrency (created in 2009) but it also is the most expensive cryptocurrency. Even though the price of Bitcoin has gone down in 2018 to $6,200, it still remains the most expensive cryptocurrency. Bitcoin currently has a market cap of 104 billion and this figure is expected to go up with time.
Blockchain crypto market cap will grow to 2 billion dollars
Experts believe that the total blockchain crypto market cap will be at least 2 billion dollars by 2021. This will be influenced by the increasing adoption of cryptocurrencies coupled with the new cryptos that are being added to the market. As people become more confident about investing in the crypto market, cryptos are likely to become less volatile over time.
Bitcoin’s dominance is decreasing
At 42% market dominance, the dominance of bitcoin is decreasing. Just a year ago, the market dominance was at 80%. This is good news because it means more cryptocurrencies are being accepted by the general public. It also means the cryptocurrency market cannot be monopolized by one currency which is good for the investors.
Most governments are afraid of the growing crypto market cap
In 2017, bitcoin and other cryptocurrencies had become so popular that governments and financial institutions decided to safeguard their economies against cryptocurrencies. Governments and central banks started warning their citizens that cryptocurrencies were the next big bubble, which would inevitably burst. This caused mass panic in the market, which knocked prices down.
It cost’s Bulgaria’s annual power consumption to mine Bitcoin
Mining Bitcoin consumes a total of 34.96 Terawatt hours of electricity. This is approximately what Bulgaria’s entire population of 7.1 million consumes per year. This is one of the reasons why Bitcoin is more expensive than the other cryptocurrencies.
As more people get to understand the technology behind cryptocurrencies, their fear vanishes and they instead become long-biased cryptocurrency investors. Since this is happening almost on a daily basis, the total crypto market cap will likely continue to grow. The addition of new coins and tokens will also continue pushing the overall crypto market cap higher.