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Crypto Boom Already Moving $ 2 Trillion Business By

© Reuters.

By Laura Sánchez – The Total market value of cryptocurrencies already exceeds 2 trillion dollars, after double its value in about two months amid growing institutional demand, reports Bloomberg.

The , the largest of the more than 6,600 coins tracked by CoinGecko, worth over $ 1 trillion only after its price doubled in 2021 to $ 58,458. The next five largest coins,,,, and, have a combined value of about $ 422 billion.

The crypto industry is gaining traction as institutional investors take it as a way to increase cash yields in a world of near-zero interest rates. Tesla (NASDAQ 🙂 recently invested $ 1 billion of its reserves in Bitcoin and started accepting it as payment for cars. Morgan Stanley (NYSE 🙂 is allowing some of its wealthiest customers to add the token to their wallets, while companies from Mastercard (NYSE 🙂 to PayPal (NASDAQ 🙂 have taken steps to adopt Bitcoin.

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Bitcoin rose on Monday after Grayscale Bitcoin Trust, the world’s largest institutional cryptocurrency holder with $ 34 billion under management, said it plans to convert the trust into an exchange-traded fund.

Last week, Coinbase Global Inc., the largest cryptocurrency exchange in the US, announced that it plans to have its shares begin trading later this month in the, highlights Bloomberg.

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