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Record-breaking cryptocurrencies: the global market breaks through the two trillion dollars
Driven by the rapid growth of Ether and in the wake of Bitcoin's increasing success among traditional investors, exchanges in digital currency set a new record
06 Apr 2021 Domenico Aliperto
Yesterday, for the first time, the value of the cryptocurrency market exceeded two trillion dollars, driven by a rally of Ether, the second largest digital currency. In just over two months, the market capitalization of the cryptocurrency market has doubled, according to the price monitoring site CoinGecko, thanks above all to the entry of retail and institutional investors. As Cnbc recalls, Bitcoin, currently the largest digital currency, accounts for over 50% of the entire cryptocurrency market capitalization. Bitcoin has rallied over 100% this year alone and this has helped push the market higher. Last month, Bitcoin hit a record high of over $ 61,000.
The rush of Ether But the latest push in the cryptocurrency market seems to have been driven, as mentioned, by Ether, the digital currency linked to the Ethereum blockchain. Compared to that of Bitcoin, the Ethereum blockchain is more like a software platform that allows developers to build apps on it. Users can then spend Ether on these apps. So-called smart contracts, for example, are a key feature of Ethereum. These are contracts that can be automatically executed using code. This is why interest in the use of Ethereum is growing, especially in the context of decentralized finance applications. These are blockchain-based financial services, which even for complex operations such as loans and financing could bypass banks and intermediaries. Users of these apps can transact using cryptocurrency directly. Ethereum also has the technology behind non-fungible tokens, or NFT, a new type of digital asset. Ether's value hit an all-time high of $ 2,151.25 this morning, according to CoinDesk, rising more than 180% year to date. The digital currency is also gaining interest among companies. Chinese app maker Meitu bought Ether for $ 22.1 million last month.
Bitcoin becomes more and more mainstream
However, Bitcoin still remains the hub of the cryptocurrency market, and in recent months it has seen a sharp surge of interest among companies and large institutional investors. While Tesla and Square are among the big companies that increasingly buy Bitcoin, in the meantime, major investment banks are exploring ways to enable customers to get involved in investing in digital assets. In March, CNBC reported that Morgan Stanley had become the first major US bank to offer its wealth management clients access to Bitcoin funds. Goldman Sachs is also preparing to launch its first investment vehicles for Bitcoin and other digital assets to clients of its private wealth management group. Many are looking at Grayscale Investments, which runs one of the largest publicly traded Bitcoin funds, Grayscale Bitcoin Trust. The company said yesterday it was "100% committed" to converting that trust into an exchange-traded fund. This would effectively track the price of Bitcoin and allow traders to reproduce the price movement without owning the cryptocurrency itself. It could be a way to engage even more investors in this market.
China, the central bank stops crypto payments, Bitcoin collapses. 270 billion dollars in smoke 19 May 2021