by Marvin Dumont
Thank investors with big checkbooks for lifting valuations.
Since March 1, cryptos’ market capitalization increased 120% from $130 billion to $286 billion. That’s because institutional investors wrote checks to buy Bitcoin and other digital currencies. (UPDATE: At the current $335 billion market cap as of June 25, that means cryptos have gained 158% over the same period.)
Apollo (APL) all-in-one privacy currency also benefited from the recent bull run. APL gained 36% in market cap over the same period.
Per Diar’s May 28 report:
The number of addresses holding between 1000 and 10K Bitcoins each has seen a steep rise with a whopping accumulation of 450,000 Bitcoins in less than 9-months.
Institutions bought cryptos when valuations were low — when Bitcoin approached $3,000 levels. Moreover, university endowments and hedge funds poured more money into digital funds, causing others to follow suit.
Firms are seeing there are profits to be gained from this emerging asset class.
The number of Bitcoins held by this ‘Firm’ size bracket, seeing as the minimum address now accounts for multi-millions, surged in December 2018 when the largest cryptocurrency met its most recent bottom of $3200.
Apollo (APL) all-in-one privacy currency combines features of mainstream cryptocurrencies in a truly private and unregulatable platform. With two-second block speed, APL is one of the fastest cryptos on Earth. The privacy platform lets “Apollonauts” transact and send data anonymously via Encrypted Messaging, Private Ledger, Decentralized Exchange, IP Masking 2.0 and Coin Mixing. Learn more at www.apollocurrency.com