The total market capitalisation of all cryptocurrencies currently in circulation reached a record high of $334.5bn on Saturday, according to data from industry website CoinMarketCap, as a result of the recent Bitcoin price hike.
A total of 16 coins are currently valued at $1bn or more, and around 13 coins are coming in at over $2bn, with Bitcoin, the world’s largest cryptocurrency, shooting above $11,287 earlier in the session, increasing by 11.59% since Friday. The world’s most active cryptocurrency spiked above $11,000 for the first time ever, on Wednesday. The market cap of Bitcoin alone is currently more than $188bn.
On the other hand, Ethereum the world’s second most traded digital currency rose above $500 for the first time ever on Wednesday, before scaling back its advance in the latter half of the week to register at $474 on Saturday, with a total market cap of $45.5bn.
Earlier on Thursday, Egypt’s First Attorney General for Financial Affairs Mohamed Fouda called for drafting international legislation to combat dealing with the digital currency Bitcoin, considering it a means to finance terror groups, during the 12th Annual Conference of Africa Prosecutors Association, according to state news agency MENA.
On the other hand, Warner Buffet, one of the most successful investors of all time who serves as the CEO of Berkshire Hathaway, which owns more than 60 companies, said that he believes cryptocurrencies coin offerings will end badly, as reported by Market Watch.
“You can’t value Bitcoin because it’s not a value-producing asset.” He added that there’s no telling how far bitcoin’s price will go and described it as a “real bubble in that sort of thing.”