Market capitalisation of all cryptocurrencies passed $700 billion to reach a fresh all-time high on Wednesday, Cointelegraph reported.
The record high comes as Bitcoin (EXANTE: Bitcoin) continues to recover from its Christmas plunge.
However, the major growth in overall market cap has been spurred on by recent rises in altcoins.
The altcoins outside the top 10 account for over 20.8% of the total market cap, which is more than double compared to the dominance indicator on December 8.
In the top 10, the best performer since the beginning of December has been Ripple, which started the month at around $0.26 and has shot up to its current record level at $3.07.
Ripple’s market cap reached $119 billion, making it the second largest cryptocurrency, ahead of Ethereum (ETH/USD) and Bitcoin Cash (EXANTE: Bitcoin.Cash) with $88 billion and $44 billion, respectively.
The previous record high for overall market cap was $654 bln on Dec. 21, 2017.