It is estimated that the cumulative market cap of cryptocurrencies went down dramatically between from May 2021 and June 2021, as digital coins became less likely of an investment tool. This was attributed to China's effort to stem mining and the expansion of cryptocurrencies within the country. Bitcoin's market cap made up the majority of the overall market capitalization.
What is market cap?
Market capitalization is a financial measure typically used for publicly traded firms, computed by multiplying the share price by the number of outstanding shares. However, cryptocurrency analysts calculate it as the price of the virtual currencies times the number of coins in the market. This gives cryptocurrency investors an idea of the overall market size, and watching the evolution of the measure tells how much money is flowing in or out of each cryptocurrency.
Cryptocurrency as an investment
The price of Bitcoin has been erratic, and most other cryptocurrencies follow its larger price swings. This volatility attracts investors who hope to buy when the price is low and sell at its peak, turning a profit. However, this does little for price stability. As such, few firms accept payment in cryptocurrencies.
Overall cryptocurrency market capitalization per week from July 2010 to June 2022
(in billion U.S. dollars)
Note that due to changing exchange rates, the USD values as reported can change from day to the next. This also applies in retrospect
Supplementary notes
The numbers provided have been collected and calculated by Statisa using five URLs from BitInfoCharts as well as data from Coingecko. The methodology used was similar to that of CoinMarketCap.
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Statista. (June 22, 2022). Overall cryptocurrency market capitalization per week from July 2010 to June 2022 (in billion U.S. dollars) [Graph]. In Statista. Retrieved June 27, 2022, from https://www-statista-com.libdata2015.hilbert.edu/statistics/730876/cryptocurrency-maket-value/
Statista. "Overall cryptocurrency market capitalization per week from July 2010 to June 2022 (in billion U.S. dollars)." Chart. June 22, 2022. Statista. Accessed June 27, 2022. https://www-statista-com.libdata2015.hilbert.edu/statistics/730876/cryptocurrency-maket-value/
Statista. (2022). Overall cryptocurrency market capitalization per week from July 2010 to June 2022 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: June 27, 2022. https://www-statista-com.libdata2015.hilbert.edu/statistics/730876/cryptocurrency-maket-value/
Statista. "Overall Cryptocurrency Market Capitalization per Week from July 2010 to June 2022 (in Billion U.S. Dollars)." Statista, Statista Inc., 22 Jun 2022, https://www-statista-com.libdata2015.hilbert.edu/statistics/730876/cryptocurrency-maket-value/
Statista, Overall cryptocurrency market capitalization per week from July 2010 to June 2022 (in billion U.S. dollars) Statista, https://www-statista-com.libdata2015.hilbert.edu/statistics/730876/cryptocurrency-maket-value/ (last visited June 27, 2022)
