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Cryptocurrency Market Cap Sinks To $ 2 Trillion Led By Bitcoin: Everything You Need To Know

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Bitcoin Vs Dollar Rate: Crypto Market Cap Hitting $ 2 Million Was Primarily Led By Bitcoin

The cryptocurrency’s market cap hit an all-time high of $ 2 trillion on Monday, April 5, as gains in recent months have attracted demand from institutional and retail investors. According to data and market trackers CoinGecko and Blockfolio, the crypto market cap peaked at $ 2.02 trillion by mid-afternoon. The surge in market capitalization was led by the world’s largest virtual currency – bitcoin, which broke its own $ 1.1 trillion milestone, maintaining its market cap at $ 1 trillion for a week.

Cryptocurrency Market Cap Reaches $ 2 Trillion: Everything You Need To Know

  1. Bitcoin’s market cap reached $ 1.1 trillion, however, the digital currency traded in a relatively narrow range after breaking above the $ 61,000 level in mid-March. Bitcoin was last up 1.58% to $ 58,589. As long as bitcoin stays above the $ 53,000 mark, analysts say, it will be able to maintain its $ 1 trillion market cap. (AlsoLily:Bitcoin market cap hits $ 1 trillion, currency hits record high of $ 57,000: 10 points)

  2. Rival Bitcoin Ethereum (ETH), the second largest cryptocurrency by market cap, rose 3.53% to $ 2,121.25. On Monday, Ethereum’s market cap was $ 244 billion and the currency hit a record high of $ 2,144.99 on April 2 on Friday. The surge in cryptocurrency market capitalization was led by Bitcoin but was closely followed by Ethereum. ETH has seen huge demand from investors this year.

  3. Bitcoin has jumped over 100% this year, while rival Ethereum has gained nearly 190%. Both cryptocurrencies have massively outperformed traditional asset classes. Virtual currencies have seen huge gains after being increasingly accepted by investors. (Read also: Bitcoin crosses $ 50,000 in historic victory and gains mainstream acceptance: 10 points)

  4. The big breakthrough was mainly driven by big companies like Tesla Inc and Bank of NY Mellon entering the cryptocurrency world. In February, billionaire Elon Musk’s electric vehicle company Tesla Inc announced a $ 1.5 billion investment in bitcoin, which led to a dizzying rally for the currency that made history by crossing the $ 50,000 mark for the first time. (Read also: Bitcoin climbs to $ 48,216 in dizzying rally after Tesla investment: 10 points)

  5. In a recent research report, blockchain data provider Glassnode said that bitcoin’s maintenance of $ 1 trillion market cap for a week is a strong vote of confidence for virtual currency and the asset class of Bitcoin. cryptocurrency as a whole. The on-chain activity will bolster Bitcoin’s strong position, with volume equivalent to over 10% of the circulating supply, by trading above the $ 1 trillion mark.

  6. On January 7, 2021, the total market value of all cryptocurrencies broke the $ 1 trillion mark for the first time, following the bitcoin rally. He then crossed the $ 40,000 mark. Bitcoin accounts for around 69% of the total market cap, followed by rival Ethereum with a 13% share. (Read also: Cryptocurrency Market Cap Hits $ 1 Trillion: Everything You Need To Know)

  7. Bitcoin is simply an equivalent of cash, but in electronic form and is held in virtual wallets with unique keys. You cannot contain bitcoin in physical form. It is decentralized by a ledger system called a blockchain, which means it is not controlled by a bank or central authority. Bitcoin’s bull run last year began after PayPal allowed customers to use virtual currency on its network. (Read also: From $ 2,000 to $ 20,000 in 3 years and counting: everything you need to know about the Bitcoin rally)

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