Cryptos Reach Two-Month High of $256B

by Marvin Dumont

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The total market cap of cryptocurrencies reached a two-month high of $256 billion in early trading on Sunday EST. With 24-hour trading volume exceeding $151 billion, investors were encouraged to see Bitcoin (BTC) surpass $9,100 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.

Will the U.S. implement digital dollars?

But some argue the risks don’t justify the benefits. According to CoinDesk columnist Max Raskin:

Right now private banks act as middlemen between depositors and the government. These middlemen take fees for this role…. A digital dollar system would allow the government to subsidize the unbanked as well as directly target countercyclical monetary stimulus and even enact non-discretionary monetary rules. But the temptation and fraught incentives created are simply too great to justify such marginal benefits.

It’s estimated that the federal government has so far injected nearly $3 trillion in stimulus money and another $6 trillion from the Federal Reserve. Since the outbreak, 30 million Americans have filed for jobless claims.

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Apollo Fintech is developing world-shaping fintech solutions for a global economy. Its product categories include Government Solutions, Commercial Products and Consumer Products. Apollo Fintech’s new platforms and tools include National Currency System, Tax System, Commodity Exchange, Mineral Claims System, Government Bank Platform, White Label Payment System, Bank Network, Knox Exchange, DEX, Apollo Cash and Apollo Currency.

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