Top 3 Cryptocurrencies Hit $273.5bn in Market Cap, an 83% Jump in 9 Months

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Top 3 Cryptocurrencies Hit $273.5bn in Market Cap, an 83% Jump in 9 Months

The year 2020 has witnessed a significant growth of the crypto market, with digital coins quickly recovering after the March crash and performing as a store of value in times of stock market fluctuations.

According to data presented by Stock Apps, the combined market capitalization of Bitcoin, Ethereum and Tether, as the three leading cryptocurrencies, hit $273.5bn this week, an 83% jump since January.

Top 3 Cryptocurrencies Hit $273.5bn in Market Cap, an 83% Jump in 9 Months
Photo by Bermix Studio

Combined Market Cap Surged 156% After COVID-19 Crash

After an impressive performance in the first two months of 2020, the combined market capitalization of Bitcoin, Ethereum and Tether stumbled to $106.51bn on March 15th, revealed the CoinMarketCap data. However, the world’s three leading digital currencies quickly recovered, with their values growing above January and February levels.

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In June, the top three cryptocurrencies’ combined market cap hit $202.37bn and continued growing. Statistics show that in September, this figure peaked at $287.25bn. Although the market capitalization of Bitcoin, Ethereum and Tether slightly dropped to $273.5bn in the second week of October, this value still represents a 156% jump compared to March figures.

As the world’s leading cryptocurrency, Bitcoin witnessed a 64% increase in market capitalization since the beginning of the year. In January, the combined value of all Bitcoins circulating in the crypto space amounted to $130.54bn. After a sharp fall to $88.96bn in March, this figure peaked at $220.17bn in September. Statistics show the market cap of the leading digital currency globally stood at $214.05bn at the beginning of this week.

Read Also:  Paxful expands Beyond Bitcoin, adds Tether (USDT) to its platform

Tether Market Cap Soared by 283% in 2020

The CoinMarketcap data indicate that Ethereum also witnessed impressive growth in 2020. In January, the market capitalization of the second-largest cryptocurrency globally amounted to $14.22bn, nine times less than the leading Bitcoin. In the next two months, the combined value of all Ethereum coins dropped to $12.91bn. However, the Ethereum price soon recovered, with the market cap jumping to $25.10bn in June. After hitting a $53.72bn value in September, the market capitalization of the world’s second-largest digital currency dropped to $43.75bn this week, still, a 207% increase compared to January figures.

Statistics show that Tether, the world’s most used stable coin, witnessed the biggest market capitalization growth in 2020. In January, the market cap of the third-largest cryptocurrency amounted to $4.1bn. At the beginning of this week, it stood at $15.63bn, a 283% jump in nine months.

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Top 3 Cryptocurrencies Hit $273.5bn in Market Cap, an 83% Jump in 9 Months - Brand Spur

DirectAsia Reveals 5 Factors That Could Influence Your Car Insurance Quotes...

SINGAPORE - Media OutReach - 14 May 2021 - Despite global economic disruptions brought about by the COVID-19 pandemic, car insurance premiums remain steep in Singapore. In a bid to help car owners make informed decisions about their vehicle insurance coverage and ensure accessibility of car insurance, DirectAsia, Singapore's leading online insurer, points out that individuals must first be educated on the determinants of one's policy. The organisation thus puts its support behind car owners by revealing several factors that insurers weigh when pricing out a quote.


Top 3 Cryptocurrencies Hit $273.5bn in Market Cap, an 83% Jump in 9 Months - Brand Spur


1. Vehicle Make and Model

Continental cars, luxury cars and SUVs are typically tied to higher insurance rates. These can be attributed to the importing fees and expensive parts. On the contrary, vehicle owners can anticipate lower insurance rates when owning a car from Japanese or Korean brands.

2. Age of Car

New vehicles are obligated to higher insurance rates as the potential costs of repairing or replacing the car parts are being considered. The rates dip as the car ages and stay at a minimum when the vehicle reaches ten years or more.

3. Experience & Age of Insured


Given that younger drivers have a higher propensity to take risks while driving and pose a greater likelihood of being involved in car accidents, insurers tend to charge higher rates for this age group. This also applies to novice drivers with less than two years of experience behind the wheels. Following that are senior drivers above the age of 65, who may have higher risk of accidents on the roads.

4. Vehicle Modifications


Car modification is one of the lesser-known factors that could raise your insurance premium. Despite that, DirectAsia emphasises the importance of declaring any modifications to the insurer or prospective insurer, as non-disclosure may result in future claims being repudiated.

5. Claim History

Lastly, claim history is also added to the equation. If a single claim above $10,000 or two or more claims were made in the past three years, insurers might add on loading fees, which results in a higher base premium.

Conversely, individuals with good driving records and no past claims within one year or more are entitled to no claim discount(NCD). This can go up to 60% at DirectAsia.

Read Also:  Paxful expands Beyond Bitcoin, adds Tether (USDT) to its platform

Revolutionising Car Insurance in Singapore and Beyond


Besides understanding the rating factors, DirectAsia highlights that finding the right insurer to meet an individual's unique lifestyles, preferences and needs is equally critical.

Reflecting DirectAsia's relentless commitment to delivering unrivalled value are its tailored and transparent policies, complemented with exclusive promotions and optional benefits like NCD Protector Plus, Compensation for Loss of Use and more. Both experienced and inexperienced drivers can expect highly customisable motor insurance policies from the award-winning insurer.

Interested individuals can reach out to DirectAsia for a no-commitment quote here.

About DirectAsia Singapore

DirectAsia, a subsidiary of the Hiscox Group, was launched in Singapore in 2010 with a goal of changing the face of insurance in Asia. The industry leader places its customers at the forefront and seeks to make insurance less complex by offering quick, convenient and transparent online insurance policies that are jargon-free. For more information, please visit: https://www.directasia.com/.


#DirectAsia

Top 3 Cryptocurrencies Hit $273.5bn in Market Cap, an 83% Jump in 9 Months - Brand Spur
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Latest News

DirectAsia Reveals 5 Factors That Could Influence Your Car Insurance Quotes in Singapore

SINGAPORE - Media OutReach - 14 May 2021 - Despite global economic disruptions brought about by the COVID-19 pandemic, car insurance premiums remain steep in Singapore. In a bid to help car owners make informed decisions about their vehicle insurance coverage and ensure accessibility of car insurance, DirectAsia, Singapore's leading online insurer, points out that individuals must first be educated on the determinants of one's policy. The organisation thus puts its support behind car owners by revealing several factors that insurers weigh when pricing out a quote.


Top 3 Cryptocurrencies Hit $273.5bn in Market Cap, an 83% Jump in 9 Months - Brand Spur


1. Vehicle Make and Model

Continental cars, luxury cars and SUVs are typically tied to higher insurance rates. These can be attributed to the importing fees and expensive parts. On the contrary, vehicle owners can anticipate lower insurance rates when owning a car from Japanese or Korean brands.

2. Age of Car

New vehicles are obligated to higher insurance rates as the potential costs of repairing or replacing the car parts are being considered. The rates dip as the car ages and stay at a minimum when the vehicle reaches ten years or more.

3. Experience & Age of Insured


Given that younger drivers have a higher propensity to take risks while driving and pose a greater likelihood of being involved in car accidents, insurers tend to charge higher rates for this age group. This also applies to novice drivers with less than two years of experience behind the wheels. Following that are senior drivers above the age of 65, who may have higher risk of accidents on the roads.

4. Vehicle Modifications


Car modification is one of the lesser-known factors that could raise your insurance premium. Despite that, DirectAsia emphasises the importance of declaring any modifications to the insurer or prospective insurer, as non-disclosure may result in future claims being repudiated.

5. Claim History

Lastly, claim history is also added to the equation. If a single claim above $10,000 or two or more claims were made in the past three years, insurers might add on loading fees, which results in a higher base premium.

Conversely, individuals with good driving records and no past claims within one year or more are entitled to no claim discount(NCD). This can go up to 60% at DirectAsia.

Revolutionising Car Insurance in Singapore and Beyond


Besides understanding the rating factors, DirectAsia highlights that finding the right insurer to meet an individual's unique lifestyles, preferences and needs is equally critical.

Reflecting DirectAsia's relentless commitment to delivering unrivalled value are its tailored and transparent policies, complemented with exclusive promotions and optional benefits like NCD Protector Plus, Compensation for Loss of Use and more. Both experienced and inexperienced drivers can expect highly customisable motor insurance policies from the award-winning insurer.

Interested individuals can reach out to DirectAsia for a no-commitment quote here.

About DirectAsia Singapore

DirectAsia, a subsidiary of the Hiscox Group, was launched in Singapore in 2010 with a goal of changing the face of insurance in Asia. The industry leader places its customers at the forefront and seeks to make insurance less complex by offering quick, convenient and transparent online insurance policies that are jargon-free. For more information, please visit: https://www.directasia.com/.


#DirectAsia

Top 3 Cryptocurrencies Hit $273.5bn in Market Cap, an 83% Jump in 9 Months - Brand Spur
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