The crypto market capitalization has been able to break the $1 trillion block with a combined value of all cryptocurrencies.
A news publication on cointelegraph claimed that the total cryptocurrency market capitalization is more than $1 trillion. This has happened for the first time on Tuesday, January 6th, at 19:00 ET.
The Bitcoin was around $37000, too, making it a new market cap for the cryptocurrency. Measured by market cap, the crypto asset class has virtually doubled over the past month as Bitcoin (BTC) broke out to new all-time highs, and Ether (ETH) cleared $1,100 for the first time in three years. Combined, both assets account for roughly two-thirds of the overall market.
CoinUp24 is a news firm offering readers with current news on the market is to tweet about crypto market cap surging beyond $1 trillion.
Bitcoin Price Touches the $37K Zone, Crypto Economy's Market Cap Hits $1 Trillion | Market Updates Bitcoin Newshttps://t.co/WNk5a8cyVP
— CoinUp24 (@CoinUp24) January 7, 2021
According to data from CoinGecko, the market capitalization of all cryptocurrencies has reached $1 trillion. BTC is the leader in the market with a $676 billion market cap. It is closely followed by Ethereum ETH, having a $136 billion market cap.
Next are Tether, XRP, and Litecoin that make it to the top five in the cryptocurrency market. Likewise, this figure came close in January 2018 when Bitcoin BTC was nearing $800 billion. Thanks to ETH and BTC’s performance, most of the market’s currencies have seen immense growth percent over the past week.
According to CoinMarketCap, the 2017 bull market was able to hit roughly $830 billion. During that time, the altcoins, too, were performing amazingly at $547 billion. This was after Bitcoin was able to retreat from a December 2017 high.
Today, the altcoin market is less than half of that total. It shows the sheer dominance of Bitcoin BTC over the market in the year. The reactions from traders and investors are quite familiar in tone, with experienced investors giving the patient alarm.
Antoni Trenchev, the co-founder and managing partner of Nexo, said that Bitcoin BTC is raging on defying all our expectations and negativity. Trenchev added that it is leaving all the other high-profile assets way behind it.
This is happening for real this year. It has been happening for quite a while now. Geoffrey Morphy, who is the president of Bitfarms Ltd, a Canadian crypto mining company, said that investors need to believe in liquid assets like fiat currencies are now decreasing their value.
Morphy advises investors who still want to invest in gold, and others might have to use other profitable assets for good. The Bitcoin bull cycles were able to make way for subsequent altcoin rally.
This is larger than the initial BTC mark-up. It is also known as altseason by members of the crypto community. During the earlier bull market, investors were taken by surprise and had little time to react.
Today, however, many traders and investors are prepared, while some play the watch game. They are ready for the 2021 bull market, this time from Bitcoin and altcoin. The unusual flow of rates and the natural four-year market cycles are a shot in the arm for them.