By Bitcoin.com - July 26, 2017
On June 10, Bitconnect coin, better known to the community as BCC, reached an all-time high price at $59.24. Within a three-month period, the price of BCC increased from $1.76 to $59.24, recording a staggering growth rate of 3,265 percent.
Since the beginning of 2017, the cryptocurrency market demonstrated an exponential growth rate, achieving a historic milestone on June 9 by surpassing $100 billion in market cap. At the time of reporting, the cryptocurrency market cap is valued to be $113 million, with bitcoin being 37.8 percent of the market.
“The fact that these gains have come from currencies other than Bitcoin are a good sign that this is less of a bubble and more of a resurgence of interest in crypto,” said Techcrunch journalist Fitz Tepper.
A major catalyst that contributed to the rapid growth of the cryptocurrency market was the global adoption of bitcoin and Ethereum, two of the largest cryptocurrencies with a combined market cap of $77.6 billion. Since mid-2016, the demand toward bitcoin as a safe haven asset and digital gold surged as mainstream media outlets began to provide extensive coverage on the performance of bitcoin.