$530 Billion: Cryptocurrencies Become More Valuable Than Facebook
The bitcoin price rallied past $18,000 on Friday as traders rolled their altcoins profits back into the flagship cryptocurrency. Many top-tier coins, including ethereum, experienced price declines, causing them to lose part of the market share that they had fought to recoup during bitcoin’s mid-week slump.
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But although the markets were mixed, strong performances from bitcoin, ripple, and one other top-tier altcoin lifted the cryptocurrency market cap by $19 billion, raising it to a new height of $530 billion.
Though not a milestone in and of itself, achieving the $530 billion mark was significant for another reason. Wall Street strategist Tom Lee attributes this year’s massive bitcoin price increase to the “network effect,” so it is fitting that the combined value of all cryptocurrencies has now surpassed the market cap of the most popular social network: Facebook.
Bitcoin Price Rallies Past $18,000
Though the majority of cryptocurrencies posted single-day declines on Friday, the bitcoin price rallied more than eight percent, enabling the dominant cryptocurrency to crack the $18,000 mark and inch closer to its all-time high. At present, the bitcoin price is trading at a global average of $18,134, which translates into a $303.6 billion market cap……..