Crypto Market Cap Soars Past $2 Trillion
It is near-impossible to deny the growth of the crypto industry in the last few years. After being shunned from the mainstream financial world for so long, cryptocurrency is having its moment as bitcoin has reached a new all-time high of over $60,000 and major firms like Tesla and PayPal are investing in it.
Crypto Cracks the Ceiling
Now, the industry has scored yet another win as the global market cap for the cryptocurrency industry has officially surpassed $2 trillion. This now makes the crypto industry worth as much as Apple, which is an unprecedented victory for digital currencies.
As of April 5, 2021, the market capitalization of cryptocurrency has surpassed $2 trillion, according to data from Coingecko. This comes less than three months after the crypto industry saw a total market cap of $1 trillion in early January 2021. Most of the growth is attributed to the bull run that bitcoin and several altcoins like ether have seen in the last few months.
Now, cryptocurrency as a whole is as valuable as Apple, which is the second most valuable company in the world. In light of this news, a number of analysts and crypto experts have weighed in, pointing to the recent bull runs as a catalyst for industry growth.
One of the biggest challenges that bitcoin has faced over the years is its infamous volatility and this not only scared away investors at some point but also had an effect on the altcoin market. In the last month, bitcoin has stayed above $50,000, a good sign that some analysts suggest has benefited altcoins, especially ether, which has hit a new all-time high of above $2,000 per token.
“#BTC is still just consolidating inside this range. It is this consolidation that has helped $ETH breakout to new All-Time Highs. #ETH is arguably leading the market whereas $BTC is trying to catch up. Good sign so far is that orange resistance is struggling to reject #Bitcoin,” said Rekt Capital, a popular crypto trader.
Despite some initial concern that this current bull run would be followed by a bear run as was the case in 2017, the current level of institutional support will likely prevent it.
“I know so many people who are just waiting to increase their $BTC $ETH and major Altcoin positions during larger dips and they are surely not the only ones. Bear market is not an option for the foreseeable future,” said Jonathan Habicht, a partner at Moonrock Capital.
