Prominent analytics firm CoinGecko has revealed that the cryptocurrency market is now worth a record $2 trillion.
Bitcoin (BTC) is still the market’s top dog, with its individual market cap exceeding $1.1 trillion, making up 55% of the global cap. In the last 3 months, BTC and ETH have both displayed growth of 51.3% and 69.2%, in price, and it’s worth mentioning that the current volatility in BTC and ETH is around 43.5% and 46.9% respectively.
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It was only in January this year that the global crypto market cap hit $1 trillion, a number that took almost a decade to reach. What’s clear to most of us is that this is perhaps the biggest moment for digital currencies, thanks to Bitcoin’s historic bull run, the sale of ‘digital art’ in crypto tokens, and the increased adoption of the crypto trade by companies such as Tesla, PayPal, and Square.
Speaking of the recent sales of ‘digital art’ in crypto, this is partly the reason for the boost to Ethereum’s price, which hit a new high above $2,000 last week. At the moment, it’s worth $245 billion, and still has a long way to go before reaching the level of Bitcoin.
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Regarding Bitcoin, here’s what’s cooking: being the biggest crypto asset in the world with a market cap exceeding $1.1 trillion, analysts and experts suggest that “whatever’s good for Bitcoin tends to be good for the rest of the market”.
The tech company MicroStrategy has become a ringleader in the crypto streets, pouring gargantuan fiat into Bitcoin, and encouraging others to get on board. Billionaire influencers like Tesla CEO Elon Musk and the Winklevoss twins are also onboard the bandwagon, and are co-leading the charge.
Bitcoin hit an all-time high of over $61,000 last month. On this day last year, note that the price was around $7,000, and the trends ever since have been nothing short of exciting.
