The value of the cryptocurrency market exceeded, for the first time, 2 trillion dollars, as it doubled in just two months, largely attributed to the unprecedented institutional demand of recent weeks. Bitcoin remains by far the most popular cryptocurrency among investors, but the new milestone coincided with the record high of the second largest cryptocurrency on the market, Ethereum.
According to CoinGecko, Bitcoin accounts for more than half of the market capitalisation, as its value has doubled so far in 2021, with its value reaching $61.000 last month and reaching $58.800 on Tuesday. Its total capitalisation is estimated at 1 trillion dollars.
The next five major currencies, Ether, Binance Coin, Polkadot, Tether, Cardano, are estimated to be worth a total of about $422 billion.
The protagonist of the day is Ether, as it reached a record high on Tuesday at 2.151.25 dollars, having recorded an explosive increase of 180% this year. Part of its success, according to analysts, is that it supports the increasingly popular NFTs, the so-called “digital assets”, which are the new rage of investors around the world.
The evolution is taking place as cryptocurrencies seem to have secured the vote of confidence of large companies and financial institutions that have given the “green light” for their use, such as Tesla, Morgan Stanley, Mastercard, etc.