The total value of all publicly traded cryptocurrencies set a new all-time high today.
At press time, data from CoinMarketCap indicates the crypto asset class is now worth just over $116.9 billion, just above of its previous all-time high of $116.2 billion set on June 12.
Overall, the value of the asset class is up nearly 30% over the last week, rising from just under $90 billion on July 31, and up nearly 80% since its recent $60 billion low on July 16.
The price increases come at a time when optimism is beginning to return to markets following a bitcoin hard fork in which a new cryptocurrency was created without disrupting the larger bitcoin network. Over this time, bitcoin has enjoyed broad media coverage, though it remains difficult to determine if new buyers are being attracted to the space.
Data from Google Trends suggests searches for "bitcoin price" and "BTCUSD" remain down from highs observed in May.
Still, much of the day's gains seem consolidated outside of bitcoin's two largest markets, bitcoin and ether. Of the top 10 cryptocurrencies, just four were posting double-digit gains, including Bitcoin Cash, NEM, IOTA and NEO (formerly Antshares).
Jets image via Shutterstock
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in Bullish Group as part of their compensation.