Crypto market breaks past $1 trillion for the 1st time in history

Thu, 7 Jan 2021 Source: Naira Metrics

The total market value of the crypto market just smashed past $1 trillion for the first time ever, amid the strong bullish and volatile rally in Bitcoin and other leading Crypto-assets like Ethereum. Stellar, Chainlink, and Cardano.

The Crypto market struck a lifetime high after gaining five times in market value since 2020 as data retrieved from Coingecko shows.

What this means: Crypto analysts have hinted at the incredible demand sighted from crypto traders, trend-following hedge funds, and lately the powerful institutional investors as among the reasons for such record gains.

Crypto assets are flying on stealth mode as the world becomes awash with record stimulus deals triggered by global central banks, using such programs in supporting the global economy.

This incredible feat in the crypto market shows global investors and traders are rushing into digital coins, and hedging against inflation-prone assets like currencies.

Bitcoin is up 10% for the day as it broke past $37,000 and has more than quadrupled since 2020. It accounts for about 68% of cryptocurrency market value, followed by Ether with about 14%. Ether is up by about 65% in 2021 alone.

The past couple of months were all about bitcoin and large-cap assets like Ethereum, Ripple, and Tether attracting more investors. But the narrative has quickly switched as DeFi tokens and other altcoins are riding on the crypto bullish trend.

The world’s biggest crypto exchange by trading volume, Binance, spoke on this record feat sighted at the world’s most celebrated financial asset class.

Binance tweeted;

“The total #crypto market cap has reached over 1 Trillion USD for the first time ever!

A trillion is 1,000,000,000,000, or one million million.

It’s such a large number it’s hard to get your head around it, so sometimes “trillion” just means “wow, a lot.”

Source: Naira Metrics
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