The combined market capitalization of all public cryptocurrencies has surged nearly 80% over the last month, as more than $20bn worth of new investment dollars has flooded the nascent market.
In roughly 30 days alone, the market cap for experimental blockchain-based cryptographic assets has ballooned from $27.8bn to $49.5bn, according to data from CoinMarketCap, with the strongest gains observed outside of the market’s historical leader, bitcoin.
A closer look reveals the total market cap of so-called ‘altcoins’, cryptographic tokens that seek to serve alternative use cases to bitcoin, has surged to $23.5bn, up more than 600% from just over $3bn in early March.
Amid this sharp rally, some market observers have expressed concerns that the asset class may have entered a speculative bubble.
When supporting his argument, Jacob Eliosoff, a trader who runs a cryptocurrency fund, pointed to not only to the price gains, but also the fact that so many cryptocurrencies – including those that haven’t seen technical or business progress – have risen in value.
Eliosoff told CoinDesk:
“I’ve been making the bubble argument for weeks. Doge, Dash, Litecoin, Stellar, Gnosis … practically every coin has surged.”
He further cautioned that this development is “a sign of unthinking buyers
Read more ... source: CoinDesk
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