The market value of cryptocurrencies is $ 2 trillion
The combined market value of all cryptocurrencies reached an all-time high of $ 2 trillion on Monday for the first time, according to data and market trackers CoinGecko and Blockfolio, making the cryptocurrency as a whole nearly as valuable as Apple, the second largest in the world.
Bitcoin was last up 1.4 percent at $ 59,000, with a market value of $ 1.1 trillion.
The achievement comes less than three months after the combined market value of all cryptocurrencies exceeded $ 1 trillion on January 7.
Cryptocurrency investors and other supporters of decentralized financing have taken to social media platforms to emphasize that cryptocurrencies are the future of global finance.
- Analysts said: Institutional and individual investors have flocked to the cryptocurrency market since the beginning of the year, prompting many blockchain technology supporters to encourage others to join the field of decentralized finance.
- Major investors in cryptocurrencies touted the upward potential of the market and prosperity in a challenge to regulators.
- "Defi is a significant innovation and is an example of how Ethereum is leveraging blockchain technology," said prominent cryptocurrency investor and entrepreneur Correll Lashbrook.
Several factors and theories have emerged to explain the rapid expansion of the market, with Ethereum's recent strong performance combined with Bitcoin's approach.
Cathie Wood of Ark Invest said Bitcoin, the world's largest cryptocurrency, would comfortably outpace the $ 10 trillion market value of gold.
Bitcoin's volatility has dropped to its lowest level since November 2020, media company CoinTelegraph said, noting that its value has nearly doubled since January 7, when its price was around $ 33,000.
The currency had held above $ 50,000 for nearly a month, which helped Ethereum and the altcoin market not see a sharp downturn.
Major changes were announced in the cryptocurrency market simultaneously on Monday, as GoDaddy offered the Bitcoin.com domain for sale at a price of $ 100 million.
But it quickly removed the domain owned by Bitcoin.com's web portal CEO, Roger Ver.