Bitcoin's market capitalization surpasses the capitalization of all other cryptocurrencies in the cryptocurrency industry. The Market Share of cryptocurrencies in this market is measured by identifying the capitalization of cryptocurrencies and their last 24 Hours trading volumes.

Bitcoin's share

Bitcoin's reputation has enabled it to achieve a high price and capitalization. Bitcoin's capitalization currently stands at $80 billion; this gives it a 51 percent market share. More than $1.3 billion worth of Bitcoins were traded in the past 24 hours. Bitcoin's high market capitalization can be as a result of its high price.

The price of one Bitcoin is currently worth more than $4,860. The supply of Bitcoin coins is also high. The number of Bitcoins in this market is 16.6 million.

Transactions of Bitcoins is also high as a result of the gradual increase in the price of cryptocurrencies. The cost of Bitcoin was $963 a year ago. Its value has increased by 403 percent since October 11 last year. Its price has also more than doubled since July 11 this year.

Other dominant cryptocurrencies

Other cryptocurrencies that command this market are, Ethereum, Ripple and Bitcoin Cash. Ethereum's share of market capitalization is 18 percent, Ripple commands a market share of 6 percent while Bitcoin Cash commands a market share of 3 percent.

With regards to transaction values in the last 24 hours, more than $280 million Ethereum coins were transacted, Ripple coin transactions during the previous 24 hours were worth more than $190 million while more than $171 million worth of Bitcoin Cash coins were exchanged in the past 24 hours.

Coinmarketcap statistics

The cryptocurrency market is worth more than $155 billion.

More than $2.7 billion worth of cryptocurrencies were traded in the past 24 hours. Coinmarketcap tracks the market activity of cryptocurrencies in this market. The website tracks the market activity of 1,157 cryptocurrencies. More than 22 cryptocurrencies are introduced into this market. An average of 3 cryptocurrencies is thus added each day, with a majority of them being tokens.

The future of cryptocurrencies

The future of cryptocurrencies depends on government regulations. Most governments are against cryptocurrencies. Last month, China began a crackdown on Initial Coin Offerings (ICO) as well as cryptocurrency exchange sites. Investing in cryptocurrencies is still a good investment option considering that the prices of coins such as Bitcoin keep increasing while this market has the potential to grow.