Growing interest in Blockchain tech pushes total market cap over $80 billion
3 months ago, the total cryptocurrency market cap was a steady $20 billion. Today, the market cap has quadrupled, eclipsing over $80 billion.
Much of this was influenced by growing interest from corporate titans and foreign trading. As blockchains have became more popular, more and more industries are exploring ways they can implement blockchains to improve their business. Countries like Japan and South Korea have also started to implement more systems for digital currencies to be used. Thus driving the demand for tokens.
Leading this charge is Bitcoin, Ethereum and Ripple.
Bitcoin, the first cryptocurrency saw over 100% gains as the price doubled since March. Ethereum and Ripple investors enjoyed quite a substantial gains as they both increased over 1000%.
A lot of the success has been driven by Japanese and South Korean markets who are implementing blockchain tech a lot faster than us. Japan wishes to have over 300,000 stores that accept Bitcoin in 2017. They also have airlines that accept Bitcoin and Bitcoin ATMs. Ripple has also gained traction in foreign markets, driving its price from merely 3 pennies at the beginning of May to over $0.35 at the time of writing.
Much of Ethereum's success has been driven by the Enterprise Ethereum Alliance (EEA). A group of companies that are committed to developing programs and applications that will run on the Ethereum blockchain. Just last week they announced 86 new members that included the National bank of Canada, BBVA and more. You can read more about the EEA here.