The cryptocurrency market cap surpassed $600 billion over the weekend, launching the combined value of all cryptocurrencies past that of e-commerce behemoth Amazon.
Cryptocurrency Market Cap Hits $600 Billion
The introduction of bitcoin futures contracts on regulated U.S. exchanges CBOE and CME has, as expected, facilitated a comprehensive market rally, even as the futures products have been thinly-traded relative to the global cryptocurrency ecosystem.
Last week, the cryptocurrency market cap rose to $440 billion after CBOE launched the first regulated bitcoin futures. That represented a seven-day gain of $100 billion — an astonishing feat — but the rapidity of this week’s rally has been even more meteoric.
Since last Monday, the cryptocurrency market cap has soared by $160 billion, or 36 percent, to reach a new all-time high just above $600 billion.