Over $2 Trillion, A Record High for the Global Crypto Market Cap

The global cryptocurrency market capitalization reached an all-time high on Monday (April 5, 2021) by surging past $2 trillion, according to several data and market trackers.

Bitcoin (BTC) still remains on top in terms of market capitalization, which was last up 1.4% at a price of $59,045. It also reached a milestone of its own by holding at a $1 trillion market cap for an entire week.

BTC peaked at more than $61,000 in mid-March. Analysts believe that as long as it remains upwards of $53,000, BTC will be able to maintain its $1 trillion market capitalization.

Ethereum (ETH), which follows BTC in terms of market capitalization, was last up 1.3% at $2,103. On Monday, it was at a $244 billion market cap. ETH hit its peak price of $2,144.99 last Friday (April 2, 2021).

Paolo Ardoino, chief technology officer at Bitfinex believed “Momentum and interest have begun to expand beyond bitcoin and ethereum.”

“As the industry continues to mature, we expect more blockchain-based applications to be introduced to the world, and coinciding with that, a surge of interest around other alternative assets… as they become more market-ready,” he added.

The fact that BTC held the $1 trillion market cap for one week reflects a “strong vote of confidence for bitcoin and the cryptocurrency asset class as a whole,” said blockchain data provider Glassnode in a research report.

BTC has already experienced a rise of more than 100% this year. ETH, on the other hand, has gained approximately 190%. These figures suggest that both BTC and ETH have outperformed traditional asset classes by a huge margin, fueled by the continuous entry of mainstream companies, like Tesla Inc, and large investors into the world of cryptocurrency.

Source: Reuters