Cryptocurrencies' total value hits record high as bitcoin blasts above $6,500
Reuters
Published Nov 01, 2017 11:06AM ET
Cryptocurrencies' total value hits record high as bitcoin blasts above $6,500
By Jemima Kelly
LONDON (Reuters) - The aggregate value of all cryptocurrencies hit a record high of around $184 billion on Wednesday, according to industry website Coinmarketcap, making their reported market value worth around the same as that of Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) combined.
The new peak came as the biggest and best-known cryptocurrency, bitcoin, hit a record high of more than $6,500
The latest surge in bitcoin - which has seen an eye-watering increase of almost 800 percent in the past 12 months - was driven by news on Tuesday that CME Group (O:CME), the world's largest derivative exchange operator, would launch bitcoin futures in the fourth quarter of the year.
The announcement was seen as a major step in the digital currency's path toward legitimacy and mainstream financial adoption.
The second-most valuable cryptocurrency Ether - sometimes known as "Ethereum", after the project behind it - was trading slightly down on the day at $302 per coin, having hit a record high of more than $410 in June.
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Written By: Reuters
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