All the uncertainties about the future of cryptocurrency still remain. Despite this, there can be no two opinions about the increasing size of this market and the deep interest of investors in it. Recently the crypto market rapidly touched a valuation of $ 2 trillion. Let’s understand this tremendous boom of the crypto market-Bitcoin
The main reason for the rise in various crypto currencies, including bitcoin, is the increased confidence of retail and institutional investors.
Market cap of 2 trillion dollar crypto market:
On April 6, the market cap of the crypto market crossed $ 2 trillion for the first time, according to Coingeco, a platform that monitors the cryptocurrency market. At the beginning of 2021, it was only 776 billion dollars. In this way, the valuation of this market has seen a jump of about 157% in just less than 100 days.
The growing market also shows the increasing acceptance of cryptocurrency as an asset class.
Bitcoin and Ethereum double money in 3 months:
If we compare the current prices of the most popular cryptocurrencies with the initial price of the year 2021, then a big boom is evident. In these three months, bitcoin has been trading nearly twice as close to $ 58,000. Ethereum, the second most popular cryptocurrency, has climbed closer to 154% since the beginning of the year, yielding higher returns than Bitcoin. The third most popular currency coin coin also rose by 900% during this period. Other cryptocurrencies have also become quite strong during this period.
Bitcoin’s market cap over $ 1 trillion:
Bitcoin steadily created new peaks after Tesla‘s investment in February. For the first time around March 13, the currency had reached over 60 thousand dollars. Since then, the world’s largest cryptocurrency has not seen great volatility. In the last 8 days, the market valuation of bitcoin has been more than 1 trillion dollars in a row. According to experts, even if the price of bitcoin comes to a price of 53 thousand dollars after the fall, the valuation will still be above 1 trillion.
The current market capitalization of Ethereum is approximately $ 250 billion.
The rapid arrival of new cryptocurrency continues
Amidst all the news, both investors and such currencies have increased in the cryptocurrency market. According to the Coin Market Cap website, 9146 cryptocurrencies have arrived in the market till Wednesday. In the last 1 month only about 500 new cryptocurrencies have come in the market. However, Bitcoin’s market share has also suffered a setback due to the arrival of new cryptocurrencies and other reasons. According to the website, bitcoin currently holds less than 55% of the total market. It was more than 70% at the beginning of the year. Ethereum has been able to maintain its market share at relatively earlier levels at a much faster pace. Ethereum currently accounts for 12.3% of the crypto market.