Against all odds, the cryptocurrency market cap doubled over the past month from a low of about $60 billion on July 16th to now $126 Billion (as of writing this). This rally was expected by many in the cryptocurrency community. Once the Bitcoin hard fork had passed, a lot of people felt much more optimistic about the future of crypto. Year to date, cryptocurrency market cap is up around seven fold from $17 billion to $126 billion. No other asset class provides these kinds of returns. What we are seeing here is truly ground breaking and will probably continue to grow despite the volatility. Anyone investing in cryptocurrency should expect volatility due to it's nature of being a new asset class that is still in it's infancy. Despite bubble fears pushed by lots of prominent people in and out of crypto, that day is still far down the line. "The idea of this thing being a bubble is silly. We're in the bottom of the first innings," said Miguel Vias of Ripple, the third-biggest cryptocurrency. A majority people still haven't heard of Ethereum, so crypto still has a lot of attention to catch, though it is gaining fast. And just like the Dot.com bubble, we are seeing more people day trading now due to margins that can be made off this volatility.
Below is Year To Date (YTD) of cryptocurrency market cap.
There have been huge gains posted by NEO, from $8 on August 1st to $34 as of this morning. That's 400%+ returns in 11 days. NEO is also known as the Chinese Ethereum and was formerly called Antshares. Not only that, 10 coins are now in the Billion dollar market cap club (note photo below).
Across the board most coins are up from August 1st, per usual following the Bitcoin rally. As long as this Bitcoin rally continues we will see many altcoins post great returns riding Bitcoins coattails.
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Disclaimer: This author has a stake in NEO. This is not investment advice, always do your own research. It is very important to do your own analysis before making any investment based on your own personal circumstances.