It is estimated that the cumulative market cap of cryptocurrencies increased in early 2023 after the downfall in November 2022 due to FTX. That value declined in the summer of 2023, however, as international uncertainty grew over a potential recession. Bitcoin's market cap made up the majority of the overall market capitalization.
What is market cap?
Market capitalization is a financial measure typically used for publicly traded firms, computed by multiplying the share price by the number of outstanding shares. However, cryptocurrency analysts calculate it as the price of the virtual currencies times the number of coins in the market. This gives cryptocurrency investors an idea of the overall market size, and watching the evolution of the measure tells how much money is flowing in or out of each cryptocurrency.
Cryptocurrency as an investment
The price of Bitcoin has been erratic, and most other cryptocurrencies follow its larger price swings. This volatility attracts investors who hope to buy when the price is low and sell at its peak, turning a profit. However, this does little for price stability. As such, few firms accept payment in cryptocurrencies.
Overall cryptocurrency market capitalization per week from July 2010 to November 2024
(in billion U.S. dollars)
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Statista, & CoinGecko. (November 6, 2024). Overall cryptocurrency market capitalization per week from July 2010 to November 2024 (in billion U.S. dollars) [Graph]. In Statista. Retrieved November 10, 2024, from https://www-statista-com.ezproxy.canberra.edu.au/statistics/730876/cryptocurrency-maket-value/
Statista, und CoinGecko. "Overall cryptocurrency market capitalization per week from July 2010 to November 2024 (in billion U.S. dollars)." Chart. November 6, 2024. Statista. Accessed November 10, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/730876/cryptocurrency-maket-value/
Statista, CoinGecko. (2024). Overall cryptocurrency market capitalization per week from July 2010 to November 2024 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: November 10, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/730876/cryptocurrency-maket-value/
Statista, and CoinGecko. "Overall Cryptocurrency Market Capitalization per Week from July 2010 to November 2024 (in Billion U.S. Dollars)." Statista, Statista Inc., 6 Nov 2024, https://www-statista-com.ezproxy.canberra.edu.au/statistics/730876/cryptocurrency-maket-value/
Statista & CoinGecko, Overall cryptocurrency market capitalization per week from July 2010 to November 2024 (in billion U.S. dollars) Statista, https://www-statista-com.ezproxy.canberra.edu.au/statistics/730876/cryptocurrency-maket-value/ (last visited November 10, 2024)
Overall cryptocurrency market capitalization per week from July 2010 to November 2024 (in billion U.S. dollars) [Graph], Statista, & CoinGecko, November 6, 2024. [Online]. Available: https://www-statista-com.ezproxy.canberra.edu.au/statistics/730876/cryptocurrency-maket-value/
