The global cryptocurrency market hit a new record high above $700 billion

The overall value of the global cryptocurrency market surpassed $700 billion on Wednesday to reach a fresh all-time high.

According to data provider Coin Market Cap, the market capitalisation of all combined cryptocurrencies in circulation is now $707 billion, as of around 8.45 a.m. GMT (3.45 a.m. ET) on Wednesday. The market has since dipped and is worth $683 billion at 10.55 a.m. GMT (5.55 a.m. ET) but the record high reached earlier in the day remains significant.

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Market capitalisation is a basic valuation metric which multiplies the value of an asset — usually a share in a company — by the amount of that asset in circulation. The total market cap of the crypto market has spiked higher in recent months as many of the more than 1,300 cryptocurrencies in circulation rose.

Mati Greenspan, an analyst at eToro, wrote in his daily crypto roundup on Wednesday: “There’s a distinct buying sentiment among cryptotraders today. The pre-Christmas sell off seems to be well behind us now. Though Bitcoin is still a bit off her all-time highs some of the alts are generating some serious momentum.”

Bitcoin saw its value drop as much as $8,000 in a matter of days over Christmas after a manic rally in December. The biggest and most recognisable cryptocurrency gained strongly on Tuesday after it was revealed by the Wall Street Journal that Founders Fund, the venture-capital firm founded by the tech billionaire Peter Thiel, has made hundreds of millions of dollars from bitcoin investments after investing $15-20 million in the asset.

Bitcoin’s gains have continued into Wednesday, with the cryptocurrency up by around 1.5% to trade at close to $15,000 per coin, as of 9.55 a.m. GMT (4.55 a.m. ET).

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