The cryptocurrency market cap hit $300 billion on Thursday, heights not seen since August last year.

Despite a slight fall under this level having since been reported, the figure still represents a 61% gain since the beginning of the year, reports NewsBTC.

So far, 2020’s standout projects include Tezos, which has risen 120% since New Year’s Day, and Icon, which is 255% up from the start of this year and topped as high as $0.60 last week, representing a 445% gain.

Optimism is high among crypto investors for the year ahead, with 2020 having been excellent for the space up to now, and reaching total market cap of $300 billion further boosts the positive sentiment surrounding cryptocurrencies.

Earlier this week, the price of Bitcoin – the world’s largest cryptocurrency by market cap – soared to $10,300 on comments made by Federal Reserve Chair Jerome Powell, with the price increasing more than 40% since the beginning of the year.

deVere founder and CEO Nigel Green told the media: “The previously sceptical Fed has not, until now, admitted how rapidly digital currencies could become a systemic risk to the U.S. dollar’s status as global reserve currency.

“This is a major step in underscoring – especially to those backward-looking traditionalists – that, whether they like it or not, digital global currencies are not only the future of money, they are increasingly the present too.”

Mr Green went on to say: “Whilst there will be minor peaks and troughs – as in all markets - I predict the overall trajectory of Bitcoin to remain upward for the next few months.”