Crypto- and digital currencies’ aggregate value hit record highs on Friday, with their market capitalization jumping to $200 billion, according to CoinMarketCap.
The value of an individual bitcoin — the largest cryptocurrency in terms of market cap — hit a new peak of $7,500 on Friday, more than 10 times its roughly $700 value last November. Its market cap reached $120 billion.
Ether, the underlying digital currency of Ethereum, made up $30 billion of the $200 billion market cap. A wide range of lesser-known cryptocurrencies such as Litecoin and Ripple made up the rest of the sum.
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If digital currency were a company, its valuation would put it among the 25 most valuable S&P 500 firms, above corporate giants such as Verizon, Citi and Toyota.
Bitcoin and other cryptocurrencies’ fate is still uncertain, despite enthusiasm. Established players like the New York Stock Exchange and Goldman Sachs have expressed an openness to bitcoin, with the latter investing in the prominent bitcoin platform, Coinbase.
The CME Group also said that it would launch bitcoin futures this year, helping the value of Bitcoin to its new high.
The currency is still primarily traded by speculators and hasn’t found an established application yet. But optimists like Apple co-founder Steve Wozniak and Silicon Valley venture capitalist Marc Andreessen believe it has tremendous potential.
The Securities and Exchange Commission has taken a cautious approach to Bitcoin, issuing a warning to investors in 2014 but doing little by the way of regulation.