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The combined market capitalization of all cryptocurrencies late Monday surpassed $30 billion for the first time, according to digital currency tracking website Coin Market Cap.

That means the size of the nascent digital currency market is now worth more than twice the value of Twitter Inc TWTR, -0.34% and is equal to nearly half the market capitalization of Netflix Inc. NFLX, +5.79%

Bitcoin and most of its largest rivals have appreciated sharply since the beginning of the year as investors turn to cryptocurrencies as a hedge against traditional assets like stocks, said Charles Hayter, founder and chief executive of CryptoCompare, a provider of data and analytic on the cryptocurrency market.

Meanwhile, a surge of adoption in countries like India and Venezuela has helped offset falling trading volumes in China, formerly the worlds largest bitcoin market.

The price of a single bitcoin BTCUSD, +1.09% climbed 3.1% on Tuesday to trade at $1,262 on Tuesday as the Securities and Exchange Commission said it would review its rejection of a proposed rule change that wouldve allowed the Winklevoss Bitcoin Trust to begin trading on the BATS BZX exchange. Bitcoin has risen more than 30% since the start of the year. The price more than doubled in 2016.

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The agency rejected two proposed bitcoin exchange-traded funds in March, citing concerns about the lack of regulation, and the ability of authorities to root out market manipulation.

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Bitcoin carries digital-currency market capitalization past $30 billion - MarketWatch