A new record was accomplished by the cryptocurrency market as it hit the $2 trillion market cap this week. In essence, the crypto industry is now worth as much as Apple. Followed by this is another milestone by the crypto market as the top hundred cryptocurrencies reach the $1 billion market cap.
There is no question that the cryptocurrency market is growing and growing and Bitcoin itself is a bit more than 50% of it. This means that now that the crypto market in its entirety has hit $2 trillion, more than $1 trillion alone is the value of Bitcoins. While Ether and other altcoins make up for the remaining out of the $2 trillion.
At the beginning of this year, the whole cryptocurrency market cap was for the first time over the $1 trillion cap. It has been merely 3 months and the market cap has doubled, showing how fast the trend moves. This will continue to increase as the signs look good, more and more investors are jumping in so everything looks bullish so far.
Looks like the crypto industry is going to have a nice April since it’s not just about the cryptocurrency market cap touching $2 trillion. But when you look at the top 100 cryptocurrencies, you can see that they are above $1 billion.
There have been talks about how the crypto market has been hot for quite some time. However, what really prompted this move of above $2 trillion now is something that needs to be thought about.
Bitcoin is the largest cryptocurrency but it is really interesting to see other tokens such as Ether, Polkadot and Cardano take off. It all started last year when Ether was up by 1100% relative to Bitcoin 700% gains over that same time period. But as of late Ether the one who hit fresher all-time high and rest of those altcoins are really the ones driving the charts up high.
Bitcoin’s dominance is a measure of how much Bitcoin’s market cap makes up the entire $2 trillion cryptocurrency market cap. Ever since Bitcoin got off to a hot start in 2021, some other altcoins that were never even spoken about gained great popularity. For instance Binance coin, the coin behind the large cryptocurrency exchanges is building out ability for some programmers to build on that chain also.
Some other interesting projects are also in the pipeline of the DeFi space and this is just adding to the buzz surrounding crypto.
All this comes at a time when Coinbase is going public and Visa allows payment settlements on Ethereum blockchain. This is coupled with the fact that Tesla too announced last month that its vehicles could be purchased in cryptocurrency