Total market cap of all cryptocurrencies reaches 11 month high

Total market cap of world's cryptocurrencies reach 11-month-high

Image: Shutterstock / Trijo News

Teodor Stig-Matz

teodor.matz@trijo.co

Bitcoin and Ripple's xrp are said to be behind the rise.

The total market cap of the world’s various cryptocurrencies reached its highest point in eleven months after bitcoin briefly climbed above the $9,400 mark.

Contributing to the top was, in addition to the high bitcoin price, that Ripple’s cryptocurrency xrp went up 9 percent. This followed Ripple entering into a new collaboration with the US money transfer giant Moneygram, which will use the company’s services to facilitate transfers between different currencies.

Xrp peaked at $0.46 and then stabilized around $0.44, at the time of writing, News BTC reports.

Peaked over $291 billion

Bitcoin’s rally and Ripple’s new collaboration are believed to have contributed to the total market value of the world’s cryptocurrencies peaking at just over $291 billion during the night to Tuesday.

Since then, it has dropped slightly, and at the time of writing it is about $281 billion, according to numbers from Coinmarketcap.

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