At the all-time high of $506b at 7:40am on Wednesday, the total market cap of all cryptocurrencies exceeded the market capitalization of Berkshire Hathaway. Additionally, the value exceeded the combined value of Citigroup and Wells Fargo, which are worth $201b and $297b, respectively.
Charles Hayter, chief executive of digital asset comparison site Crypto Compare, said his service was "straining at the seams" trying to cope with increased demand. "We are entering unchartered territory with huge risks, regulatory and technologically," Hayter said in an email to CNBC. "There are clear comparisons to the internet bubble. We are straining at the seams spinning up servers to cope with traffic at over 1 million users per day. There is a lot of fear and greed, but that aside there is a redefining the concept of value in the virtual world with new mechanisms for value exchange."