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Cryptocurrency market value surges to all-time high of $2 trillion

Analysts said as long as bitcoin stays above $53,000, it will be able to maintain its $1 trillion market cap

cryptocurrency

The cryptocurrency market capitalisation hit an all-time peak of $2 trillion on Monday, according to data and market trackers CoinGecko and Blockfolio, as gains over the last several months attracted demand from both institutional and retail investors.

By mid-afternoon, the crypto market cap was at $2.02 trillion.

The surge was led by bitcoin, which hit its own milestone by holding at a $1 trillion market cap for one week. Bitcoin was last up 1.4 per cent at $59,045. Since hitting a lifetime peak of more than $61,000 in mid-March, bitcoin has traded in a relatively narrow range. Analysts said as long as bitcoin stays above $53,000, it will be able to maintain its $1 trillion market cap. Ethereum, the second largest cryptocurrency in terms of market cap, was up 1.3 per cent at $2,103. Its market cap was $244 billion on Monday. It hit a record high of $2,144.99 last Friday. “Momentum and interest have begun to expand beyond bitcoin and ethereum,” said Paolo Ardoino, chief technology officer at crypto exchange Bitfinex.

“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. Blockchain data provider Glassnode, in a research report, said the fact that bitcoin has held the $1 trillion market cap for one week is a “strong vote of confidence for bitcoin and the cryptocurrency asset class as a whole.” It added that on-chain activity continues to reinforce bitcoin’s robust position, with a volume equivalent to over 10 per cent of circulating supply transacting above the $1 trillion threshold.

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