by Marvin Dumont
The total market cap of cryptocurrencies reached a three-month high of $270 billion in early trading on Sunday EST. With 24-hour trading volume exceeding $111 billion, investors were encouraged to see Bitcoin (BTC) surpass $9,500 after the price plummet on March 13.
So far this year, the peak total market cap for all coins/tokens was $307 billion back in Feb. 13. Since the global spread of the Chinese virus, the cryptocurrency market has fallen and recovered — bottoming at $129 billion in market cap in mid-March.
In early May, billionaire Paul Tudor Jones made headlines by calling Bitcoin “the fastest horse in this environment” and said almost 2% of his assets are now allocated in BTC. His confidence prompted other Wall Street investors to push up Bitcoin’s price the past couple of months.
Jones said on “Squawk Box” earlier this month:
If you take cash … and you think about it from a purchasing power standpoint, if you own cash in the world today, you know your central bank has an avowed goal of depreciating its value 2% per year. So you have, in essence, a wasting asset in your hands.
When I think of Bitcoin, I look at it as one tiny part of a portfolio. It may end up being the best performer of all of them, I kind of think it might be. But I’m very conservative. I’m going to keep a tiny percent of my assets in it and that’s it. It has not stood the test of time, for instance, the way gold has.
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