The cryptocurrency market cap reached a new all-time high of $217.1 billion on Wednesday, Cryptocoins News reported.
The Bitcoin (TIKER: BTC.EXANTE) price posted a 7% recovery on Wednesday, enabling it to climb nearly $500 in the past 24 hours alone. The Bitcoin price is now trading at a global average of $7,004, which translates into a $116.8 billion market cap.
Several factors have contributed to this rally, most notably the fact that Man Group stated yesterday that the launch of Bitcoin futures contracts will convince it to make Bitcoin part of its “investment universe”.
The Ethereum (TIKER: ETH/USD.CRC) price continued its slow — but steady — advance on Wednesday, climbing another 3% to a present value of $338. Ethereum now has a market cap of $32.3 billion, bringing the second-largest cryptocurrency to its highest point since mid-October.
The Bitcoin Cash (TIKER: BCH.EXANTE) price declined 4%, reducing it to a current value of $1,289. Bitcoin Cash has a market cap of $21.7 billion, making it approximately two-thirds the size of Ethereum.
Wednesday marked one of the most comprehensive crypto market advances in recent weeks, with 88 of the top 100 cryptocurrencies ending the day in positive territory.