Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Cryptocurrencies' total value hits record high as bitcoin blasts above $6,500

Published 11/01/2017, 11:06 AM
Updated 11/01/2017, 11:06 AM
© Reuters. A Bitcoin and Dollar notes are seen in this illustration picture

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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.