The combined market capitalization of all cryptocurrencies has reached a historic milestone reaching $ 1 trillion for the first time.
According to the CoinGecko index of more than 6.000 assets, the combined value of all cryptocurrencies hit the trillion dollars for the first time this week. The overall growth of the cryptocurrency market has been substantial over the past 12 months, with the total value of all cryptocurrencies rising 420% since the beginning of last year. Total market capitalization at the time of this article's publication is $ 989.149 million, down 0,27% [-2,65 billion] in the past 24 hours.
Bitcoin accounts for the majority of this value with a representation of nearly 70%. The digital asset maintained its uptrend by hitting a new all-time high north of $ 37.000 just hours after breaking through the $ 36.000 price level - quotation in real time. Bitcoin has seen a 25% increase this month alone, adding to its 300% increase from last year.
How did ETH perform compared to BTC?
Ethereum comes in second place with a huge, albeit lower, share than Bitcoin. The token recently posted incredible gains, surpassing more than 1.200 for the first time since January 2018. The surge in ETH this week offset a 62% weekly gain. As things stand, the token is on track to surpass its 2018 record in the region of $ 1.432.
The growth of the cryptocurrency market in recent months has been largely driven by institutional investors. Several hugely important companies have shown interest in cryptocurrencies, most notably with Bitcoin now influencing retail investor stocks.
What the analyst of Messari thinks
Messari's DeFi analyst, Jack Purdy, commented on the achievement of this historic milestone saying that this milestone, or the trillion dollars achieved, consolidates the crypto market as an excellent asset for investments and that is no longer found in the margins of the traditional financial market. This asset class is now no longer reserved for small investors, but also large ones, and is capable of absorbing large order sizes, as has happened in this market in recent months.
While Bitcoin continues to record new highs almost every day, altcoins have also shown upward momentum. The result is an exciting and thriving crypto market. Beyond the milestone reached, however, the cryptocurrency market is still far from reaching its potential and has ample room for growth. Gold, which is commonly compared to Bitcoin, has a total market value of $ 13,5 trillion.
What do you think of the growth of the cryptocurrency market? Have you already started trading your digital currencies, and how? Let us know in the comments below!
