Cryptocurrency market cap reaches $323 billion; more IEOs to come, report shows

The value of the cryptocurrency market continues to grow, reaching $323 billion by the end of June 2019, according to a report carried out by PwC and the Crypto Valley Association.

In February this year, cryptocurrencies' market cap hit a 21-month low. However, by the end of May, its value had more than doubled and has continued growing since.

The ongoing clarification of regulatory frameworks may have contributed to the rising prices of cryptocurrencies, the report suggests. Similarly, the renewed attention from institutional investors and established companies may have also affected the market positively.

According to the report, there have been more than 250 token offerings this year, raising a total of $3.3 billion; with Bitfinex’s IEO topping the table.

“The development of IEOs has accelerated significantly since the beginning of 2019,” noted Dr. Daniel Diemers, Head of Blockchain EMEA at PwC. “It reflects the creativity and innovative spirit of the crypto industry and shows that the demand for simple and secure solutions is growing. IEOs show that fundraising via cryptocurrencies is becoming more established and striving for greater institutionalization and credibility.”