The global cryptocurrency market capitalisation, comprising all the cryptocurrencies in existence, has surpassed the $2 trillion mark for the first time ever, according to data by CoinGecko. The crypto market as a whole has become as valuable as Apple, the second most valuable company in the world.
cryptocurrencies have an aggregate market cap of $2 trillion#Bitcoin is 55% of that
don't let the suits tell you this isn't an asset class
— Meltem Demirors (@Melt_Dem) April 5, 2021
With impressive growth led by Bitcoin, Ethereum, and other Altcoins, this important milestone comes less than 3 months after the crypto market surpassed the $1 trillion mark for the first time in January 2021. Bitcoin alone, now has a market cap of more than $1 trillion.
This is arguably the biggest moment for crypto in its history. Many enthusiasts believe that COVID-19 played a major role in the most recent bull run, led by a combination of large scale institutional adoption by companies like MicroStrategy, PayPal, Tesla and Square. Let’s not forget the current flurry of hype around NFTs.
The recent craze around NFTs could possibly be responsible for the massive price jump Ethereum has experienced over the past few months. Ethereum recently claimed a new All-Time High (ATH), just above $2,000. Ethereum is currently the second largest cryptocurrency, with a market cap just over $240 billion.
As more institutions jump in to buy Bitcoin, Ethereum, and Altcoins, one would expect that prices would continue to rise. 2020 was a powerful year for crypto adoption, let’s hope the same can be said about 2021!
Feature image by Olivia Norman from flickr