Total market cap hits $1 trillion for the first time
The combined market cap of all crypto coins has attained a landmark milestone by hitting $1 trillion
According to CoinGecko’s index of over 6,000 assets, the combined value of all crypto touched $1 trillion yesterday for the first time. The overall growth in the crypto market has been substantial in the last 12 months, with the total value of all crypto coins increasing by 420% since the beginning of last year. The total market cap, as of writing, is $989.149 million — down 0.27% [-2.65 billion] in the last 24 hours.
Bitcoin accounts for the bulk of this value with a representation of almost 70%. The digital asset has maintained its uptrend course notching a new all-time high north of $37, 000 just hours after crossing the $36k price level. Bitcoin has posted a 25% upswing to this month alone to add to its 300% surge from last year.
Ethereum comes in at second place with a massive share as well, albeit less than Bitcoin’s. The token recently recorded explosive gains to transcend above 1,200 for the first time since January 2018. Eth’s surge this week has netted a weekly gain of 62%. As it stands, the token is on course to surpass its 2018 record high in the region of $1,432.
The crypto market’s growth over the last few months has largely been driven by deep-pocketed institutional investors. Several giant firms have shown interest in cryptocurrencies, especially with Bitcoin now influencing the actions of retail investors.
Messari’s DeFi analyst Jack Purdy commented on the landmark milestone saying, “The $1 trillion mark cements cryptocurrency as an investable asset class that no longer sits on the fringes of Traditional Finance as a toy for retail investors. It demonstrates that this asset class is large enough to absorb large orders like we’ve seen recently with the slew of institutions entering over the last few months.”
As Bitcoin continues charting new highs almost daily, altcoins have also shown upside momentum. The result is an exciting and flourishing crypto market. Beyond the landmark milestone, however, the crypto market is still far from reaching its potential and has plenty of room for growth. Gold, which is commonly compared to Bitcoin, has a total market value in the range of $13.5 trillion.
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Sam Grant, @KhareemSudlow