Crypto Market Capitalization Reaches $2 Trillion

Since May, the crypto market cap has yet again reached $2 trillion, thus signaling that the power is in the hands of the buyers.

With the rise of Ethereum (ETH) and the surge of altcoins, cryptocurrencies have climbed to an impressive value of $2 trillion since the turndown which cut the value of the market cap in half in May 2021.

In January of this year the crypto market cap reached $1 trillion, and as of yesterday, it has doubled. Market share was divided between Bitcoin (BTC) and Ethereum (ETH) with a participation of 43.7% and 18.9%, respectively.

Bitcoin (BTC) incurred a rise of 3.3% and Ethereum (ETH) 5.2%. Bitcoin (BTC) was trading at $46,343 and Ethereum (ETH) at $ 3,240 at the time of writing.

The upturn of the crypto market has come as a result of a multitude of factors, such as a flurry of institutional purchases, constant accumulation by ordinary investors, and billions in venture capital funding for crypto and blockchain firms.

Bullish trends in the crypto market are continuing even after a storm of external factors such as the tightening of regulations. A shakedown was expected after the approval of the infrastructure bill by the US Senate without the necessitated clarification on crypto and brokers subjected to mandatory information reporting. Nonetheless, there is yet hope for amending the bill at the end of 2021 when the review of the bill will be made by the United States House of representatives. 

Also read: Neuberger Berman Filed for Commodity Focused Fund to Gain Exposure to Crypto