The total value of the cryptocurrency market climbed to $ 2 trillion for the first time this week as big-name corporations continue to embrace digital assets.
According to Crypto Data Tracker, the market capitalization of cryptocurrencies crossed the milestone before dropping to $ 1.99 trillion late Tuesday evening. CoinGecko.com.
It boasts cryptocurrencies with the value of publicly traded companies such as Apple and Saudi Aramco, with a market cap of $ 2 trillion in recent years.
A cryptocurrency entrepreneur and president of the Bitcoin Foundation, Brock Pearce said, “The crypto market is facilitating the largest money transfer in the history of the world.”
“The underlying technology is remarkable, but the power and influence associated with $ 2 trillion of wealth is in the hands of new people, we have never seen the impact in the hands of new powers,” he said.
The crypto market has almost doubled in value over two months, as the number of companies on the bandwagon is growing.
For example, Wall Street titan Morgan Stanley recently began offering bitcoin investments to its wealthy customers, According to cnbc. And PayPal announced last week that it would enable customers to pay with cryptocurrencies at millions of online stores.
More than half of the market is concentrated in bitcoin, valued at approximately $ 1.1 trillion at a price of $ 57,871.46 per coin, Coinageco data show.
The latest spike, however, appeared to be fueled by Ether, the second largest digital coin by market value. Its price has risen 181 percent this year and climbed to $ 2,151.25 by late Monday before slipping on Tuesday morning. According to CoinDesk.
Ether runs on the Ethereum blockchain network, which also powers the rapidly growing market for non-fungible tokens, a craze of digital collectibles that attracts everyone from the NBA to Twitter CEO Jack Dorsey.
Christie’s auction house allegedly took Ether as a payment for NXT by digital artist Beeple, which sold for $ 69 million last month.
“The interest and attention around NXT is definitely contributing to the recent growth,” said Pierce.
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