The 20 Largest Cryptocurrencies by Market Cap

A number of industries have absolutely been on fire in recent years. First it was 3D printing, and now it's virtual reality and marijuana companies. Still, the growth in these industries seems to pale in comparison with the optimism surrounding cryptocurrencies such as bitcoin and ethereum. Over the trailing year, bitcoin is up nearly 200%, while ethereum has jumped more than 1,100% as of July 16, 2017.

Why such love for digital currencies? It appears to be a confluence of factors.

To begin with, growing signs of legitimacy have helped push cryptocurrency valuations higher. Earlier this year, Japan announced that it would accept bitcoin as legal tender, in exchange for the currency's compliance with anti-money-laundering regulations within the country. We've also seen a number of high-profile retailers and service providers accepting bitcoin. The more bitcoin and other digital currencies can increase their exposure and shorten the turnaround time between converting cryptocurrency-based transactions back into U.S. dollars, the more businesses, consumers, and investors will view them as legitimate.

Source: Fool.com