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Cryptocurrencies' total value hits record high as bitcoin blasts above $6,500

Published 01/11/2017, 10:21
Updated 01/11/2017, 10:30
© Reuters. Copies of bitcoins standing on PC motherboard are seen in this illustration picture
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By Jemima Kelly

LONDON (Reuters) - The aggregate value of all cryptocurrencies hit a record high of around $184 billion (£138.3 billion) on Wednesday, according to industry website Coinmarketcap, making their reported market value worth around the same as that of Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) combined.

The new peak came as the biggest and best-known cryptocurrency, bitcoin, hit a record high of more than $6,500 . That took its own "market cap" - its price multiplied by the number of coins that have been released into circulation - to a record high just shy of $110 billion.

The latest surge in bitcoin - which has seen an eye-watering increase of almost 800 percent in the past 12 months - was driven by news on Tuesday that CME Group (O:CME), the world's largest derivative exchange operator, would launch bitcoin futures in the fourth quarter of the year.

The announcement was seen as a major step in the digital currency's path toward legitimacy and mainstream financial adoption.

© Reuters. Copies of bitcoins standing on PC motherboard are seen in this illustration picture

The second-most valuable cryptocurrency Ether - sometimes known as "Ethereum", after the project behind it - was trading slightly down on the day at $302 per coin, having hit a record high of more than $410 in June.

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