WEB Notes: Based on nothing but a tick mark on a computer screen, just like the US Dollar.
The total value of all cryptocurrencies set a new all-time high today, rising above $126 billion for the first time in history, according to data from CoinMarketCap.
The new benchmark was set at 8:00 UTC and comes just four days after the crypto asset class set a previous record above $116 billion.
At press time, the price increase appears to be driven by a new influx of capital into bitcoin, the markets oldest and perhaps best understood asset. Over the last seven days, the value of one bitcoin is up more than 20%, rising to over $3,500 from $2,854 last Friday.