The market capitalizations of all existing cryptocurrencies exceeded $ 2 trillion, according to data from the CoinGecko and Blockfolio platforms., led by the impressive growth of Bitcoin (BTC), Ether (ETH) and other altcoins in 2020.
The cryptocurrency market as a whole this year became roughly as valuable as Apple, the second largest company in the world after the Saudi oil giant Aramco.
Combined market capitalization of all cryptocurrencies reaches $ 2 trillion for the first time
The meteoric rise of cryptocurrencies is reflected in the 100 percent gains so far this year for Bitcoin, the most popular virtual currency, which holds close to $ 60,000, with a market capitalization of 1.1 trillion of dollars.
For instance, Apple, the Californian company that created the iPhone, today has a stock price of USD 2.1 trillion, with shares valued at USD 125.68 on the Nasdaq technology panel of Wall Street.
It took cryptocurrencies together a decade to reach $ trillion and only three months to double that number.
The milestone also comes less than three months after the cryptocurrency market topped $ 1 trillion for the first time on January 7, when the price of Bitcoin hovered around $ 33,000.
In recent months, several major catalysts have propelled Bitcoin and Ethereum to new all-time highs. Cryptocurrencies as a whole took ten years to reach $ 1 trillion and only 90 days to double and go from that level to $ 2 trillion.
The valuation of all Bitcoin in circulation exceeds $ 1.1 trillion, more than half of all cryptocurrencies combined
Financial institutions, such as PayPal and Visa, are beginning to actively support cryptocurrencies, as Bitcoin led the uptrend of the cryptocurrency market.
In 2021, Bitcoin faced several short-term corrections, but has now been consistently above $ 50,000 for nearly a month with low volatility compared to the ones. altcoins, which prevents both ETH and the market for altcoins experience severe setback.
In fact, Bitcoin’s volatility has fallen to the lowest level since November 2020, as the price of Bitcoin has been consolidating between $ 55,000 and $ 60,000 in recent days.
Fund managers and investors in the cryptocurrency market are generally optimistic about the short- and medium-term trajectory of virtual currencies. Additionally, the gains in recent months have drawn demand from both institutional and retail investors.
The increasingly widespread acceptance of cryptocurrencies among the big players of the financial world contributed more to a higher demand and, at the same time, to a spectacular jump in prices.
The 2nd of April, Coinbase, the main cryptocurrency trader in the US, announced that the US Securities and Exchange Commission (SEC) approved the prospects for this platform to start trading its shares on the Stock Market.
It is expected that Coinbase is listed on the Nasdaq market on April 14, which will make it a company listed on the US stock market.