The total market cap of all digital currencies has increased by almost $10 billion in just one week, rising from around $29 billion on April 22nd 2017 to now stand at $37.8 billion, an all-time high.
The market cap has more than doubled since March 2017 when it was at around $15 billion, with bitcoin the main driver, rising from around $6 billion last year to now stand at $22 billion.
Considering the many difficulties bitcoin is currently facing, with Bitfinex unable to process fiat deposits and withdrawals while China can’t process bitcoin deposits and withdrawals, on top of general lack of news, a perceived stagnation in innovation and a continued in-fighting which some say has created a “toxic” environment, many are wondering why does the currency keep rising?
Global monetary mismanagement last year gave it considerable fuel, increasing its utility and thus demand, with the prospective ETF maintaining momentum. But, since the SEC rejected the ETF and China plus India got a handle on their fiat, combined with liquidity shortages, you’d think price would fall as utility appears to have reduced.