In just one day, with Bitcoin's push for $7,500, the total market value of cryptocurrencies has skyrocketed to nearly $10bln dollars in circulating volume throughout exchanges worldwide. Around $9.2 bln are currently being sent through cryptocurrency exchanges and are passing through millions of hands, the data from Coinmarketcap shows.
Twitter users are even shouting about it, with @crypto_rand tweeting, "Cryptocurrency market finally over 200BLN!".
Bitcoin accounts for more than half of the global cryptocurrency market cap, at $125bln. The crypto to crypto conversion platform Changelly commented on the record breaking price and volume spike, saying that the prospect of the upcoming fork, SegWit2x, is the most influential factor on the cryptocurrency market at this time.
CEO of Changelly Konstantin Gladych said, "“We suppose that the possible Bitcoin hard fork is the key reason of the tremendous uptick… In order to get extra coins, investors buy more Bitcoin and exchange so-called altcoins back into Bitcoin, causing enormous demand." Changelly also said they had seen an increased demand, almost 3x, for Bitcoin for the past couple days.
However, altcoins such as Litecoin and Vertcoin have tumbled down the slopes since Bitcoin's rise, with many altcoins reaching alarming lows not seen in quite a while. The Bitcoin frenzy is also stirring up some concern, as CNBC says Tom Lee, the only major Wall Street Strategist with an official price forecast for Bitcoin and the co-founder of Fundstrat, said he is "cautious short-term on Bitcoin" on Thursday in a report.