Digital Currencies Reached An All-Time High

Digital Currencies Reached An All-Time High

The total market cap for all digital currencies has hit a new record of about $25 billion, with 24-hour volumes of almost $1 billion.Earlier t

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The total market cap for all digital currencies has hit a new record of about $25 billion, with 24-hour volumes of almost $1 billion.

IMAGE: coinmarketcap.com and cryptocoinnews.com

Earlier this month, the US Securities and Exchange Commission (SEC) rejected Winklevoss` quest to launch the first ever bitcoin ETF.

“Based on the record before it, the Commission believes that the significant markets for bitcoin are unregulated. Therefore, as the Exchange has not entered into, and would currently be unable to enter into, the type of surveillance-sharing agreement that has been in place with respect to all previously approved commodity-trust ETPs—agreements that help address concerns about the potential for fraudulent or manipulative acts and practices in this market—the Commission does not find the proposed rule change to be consistent with the Exchange Act.”, explained SEC in their public notice.

In a similar way, the second biggest cryptocurrency, Ethereum, has hit a value of almost $30, while securing a market cap of near $3 billion. According to cryptocoinnews.com, this is the highest market cap ever achieved by any digital currency except for bitcoin.

The third place has been taken by Dash as the cryptocurrency rose from $10 to about $80 in just one month. In this way, Dash reached a market cap of half a billion, twice that of the digital currency Monero.

However, due to recent events Bitcoin’s value has been wobbly for the past month of March, which gives other cryptocurrencies a chance to stand out.

The digital currencies space is booming at the moment. It remains to be seen how things will develop over time, though.

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