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Market cap is probably the most visible example. The market cap for all cryptocurrencies has grown from about $17 billion in January 2017 to $770 billion now. Much of that market cap was injected by large buyers – some of them governmental entities, like China – without disturbing the day-to-day market. As a result, the liquidity of the day-to-day market has gone up significantly, which allows smaller but still significant buyers to enter the market without making waves. The whales paved the way for dolphins to play among the minnows, in other words.


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