The cryptocurrency market cap has passed $160 bln for the first time, as trading platforms post new records.

Data from Coinmarketcap and Coin Dance show market activity and growth spiralling in the week ending Aug. 26.

The growth to almost $162 bln caps an extraordinary month for cryptocurrency, which began in August below $90 bln.

ICO token popularity has contributed to the sudden increase, with Bitcoin dominance falling below 50 percent once again in the second half of the month to currently sit at just below 45 percent.

At the same time, trade volumes for Bitcoin shot up last week in line with steadily increasing prices.

Localbitcoins posted its second-highest weekly figure of $44.4 mln for the seven days to Saturday, while fellow platform Paxful established a new all-time high of $8.7 mln.

Funds flowing into cryptocurrency versus traditional assets has become an increasing talking point in recent weeks.

Mainstream investors have gone on record to state their preference for crypto over gold or commodities for the rest of 2017, while figures highlighted by Chinese exchange BTCC today show the extent to which gold has taken a back seat for shorters.