The cryptocurrency industry is growing by leaps and bounds driven by the surge in the price of bitcoin and other digital currencies.

The cryptocurrency market capitalization has surpassed $150 billion. Bitcoin, Ethereum, Dash, and others have witnessed monumental growth this year: Bitcoin hit an all-time high at nearly $4,500 this month, Ether price crossed the $400 mark in June, Dash hit $360 levels recently, and the newly created Bitcoin Cash soared to above $900 levels and now sits in the third spot in the list of most valuable cryptocurrencies by market cap.

Needless to say, the growing crypto market cap has wide implications for everyday users, businesses, and governments all across the globe.

Highlighting the role played by the venture funding via Initial Coin Offerings (ICOs) and token sales, Daniel Zakrisson, Co-Founder of Cofound.it, said:

“In all networked systems, there is a point when the value of being in the system becomes larger than what each individual participant puts in — the inflection point when explosive growth begins. The crypto market cap reaching $150 billion market today underlines the fact that we are quickly approaching this point; the number of crypto market participants is growing exponentially and the first use cases are reaching mainstream adoption. One of these use cases is early stage venture funding, this summer there has been more venture funding raised via blockchain token sales than via traditional early stage funding in the IT sector on a global level. This is a movement that has just started but that is already shifting the balance and structure of the incumbent venture capital ecosystem.”

Sergey Nazarov, Founder and CEO, SmartContract.com, pointed out the value of traditional systems, set to be reformed by blockchain technology, is much more than $150 billion. He said:

"$150 billion is extremely conservative when you look at the back-end infrastructure that blockchain-based systems are set to replace or completely reform in the next five years. What is the value of the systems that currently secure every institutional securities transaction, insurance transaction, and trade finance transaction worth? Much more than $150 billion. The World Economic Forum arrived at its valuation of 10% global GDP by 2027 on blockchain-based systems, which is in the trillions, and many of hose same global thought leaders now feel those projections were conservative.”

ZenCash cofounder Rob Viglione said that it remains to be seen that whether this recent surge is speculative delusion or something that will be radically transformational. Vigilone said:

“If market prices retain any useful informational content, which theory suggests they do, then the 10x run-up in the crypto market capitalization over the last year signals there is something important taking place. Whether that something ends up being radically transformational, or simply a speculative delusion is yet to be seen: The cool thing is that we're seeing history unfold.”

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