Despite recent weakness, cryptocurrencies remain sharply higher on the year Courtesy Everett Collection By RYAN VLASTELICA MARKETS REPORTER Say what you will about the cryprocurrency market in the first half of the year, but give it this: it wasn't boring.
Digital currencies hit a number of key milestones in 2017, including breaking into the 12-digit club, as the combined market value of all cryptocurrencies-led especially by bitcoin and ethereum-surpassed $100 billion for the first time ever, and currently stands near $104 billion.
Notably, the Securities and Exchange Commission in March rejected what would have been the first bitcoin exchange-traded fund, as well as the reputation hits from recent high-profile cyberattacks where bitcoin ransoms were demanded.
The price of a single bitcoin BTCUSD, -0.12% currently sits at $2,565.
Not only has bitcoin's chief rival surged past it in terms of daily trading volume, according to CoinDesk data, but it is also up nearly 3,500% on the year, having rallied from $8.40 at the end of 2016 to a shade under $300 presently.
Whatever the future holds for bitcoin, it appears that with its $42 billion valuation-enough that it has become bigger than such iconic brands as Delta Air Lines DAL, 0.13% and Deere & Co. DE, -1.56% -one can no longer argue that bitcoin is simply a niche asset, even if bitcoin and its rivals are risky and untested.
While one proposed metric for bitcoin valuation suggests the digital currency is within historical realms, Morgan Stanley recently argued that government regulation was needed for bitcoin to continue its dalliance into the record books.