The crypto market has grown tremendously this year. According to data from Coingecko, the total market cap of all cryptocurrencies hit a whopping $ 2 trillion, or $ 2,000 billion, for the first time last night.
It didn’t hit $ 1 trillion until January 7, which means that the entire crypto market has literally doubled in size in just 3 months. Coingecko tracks the prices of a whopping 6,634 cryptocurrencies, and yet not all of them are.
Bitcoin’s (BTC) market cap is now above $ 1 trillion for the first time for 10 days in a row. Bitcoin only broke through this barrier for the first time on February 19, but then corrected down again. This boundary was also briefly broken on 9 March. Analytics firm Glassnode calls it "a strong vote of confidence in bitcoin and the cryptocurrency asset class as a whole," adding:
Above the $ 1 trillion threshold, more than 1.98 million BTC has been traded, which is equivalent to 10.6% of the circulating supply. Impressively, this on-chain volume has formed one of the strongest levels of on-chain support since prices were $ 11,000 to $ 12,000. ”
In addition, there are now 100 cryptocurrencies for the first time, each with a market capitalization of more than $ 1 billion. This enormous increase may be due to the following market development. First, major traditional players in the world of finance, such as Visa and PayPal, are slowly embracing crypto.
Second, huge investments, such as Tesla’s $ 1.5 billion in bitcoin, contributed to this. Finally, the craze surrounding the emerging decentralized finance (DeFi) and non-fungible token (NFT) markets has contributed greatly to this.
Bitcoin established a new all-time high (ATH) around $ 61,700 on March 13, but has since been stuck in the $ 57,000 to $ 60,000 range. Bitcoin is still struggling to break out of this zone. The volatility of the bitcoin price is gradually decreasing, but bitcoin’s dominance is also declining further.
Meanwhile, ethereum (ETH) has managed to break through as much as $ 2,000. The ether price has recently shown a high correlation with the bitcoin price and has long been at this price level. However, the biggest gain in the past hour has been astonishingly ripple (XRP) at a whopping 40%.