The latest Bitcoin News is that Cryptocurrency market capitalization hit an all-time high of $ 2 trillion on Monday, according to data and market trackers CoinGecko and Blockfolio, as gains in recent months drew demand from institutional and individual investors.
By mid-afternoon, the market capitalization of cryptocurrencies reached $ 2.02 trillion.
The rise in the cryptocurrency market value was led by Bitcoin, which achieved its own milestone by holding the market value of $ 1 trillion for an entire week. Bitcoin was last up 1.4% at $ 59,045. Since reaching its peak life of over $ 61,000 in mid-March, Bitcoin has since traded in a relatively tight range.
Adding on to this Bitcoin News, analysts said that as long as Bitcoin stays above $ 53,000, it will be able to maintain its $ 1 trillion market value.
Ethereum, the second-largest cryptocurrency by market value, was up 1.3% to $ 2,103. Its market value reached $ 244 billion on Monday, while last Friday it hit a record $ 2,144.99.
"Momentum and interest are starting to spread beyond Bitcoin and Ethereum," said Paolo Arduino, Bitfinex Chief Technology Officer.
Adding to the Bitcoin News he said: "As the industry continues to grow, we hope to introduce more blockchain-based applications to the world and, along with this, increase interest in other alternative assets ... as they become more market-ready."
The fact in this Bitcoin News is that Bitcoin has held a market value of $ 1 trillion for a week is a "strong vote of confidence for Bitcoin and the cryptocurrency asset class as a whole," Glasnode, a blockchain data provider, said in an investigation report.
He added that on-chain activity continues to drive Bitcoin's strong position, with a volume equivalent to more than 10% of supply transactions in circulation above the $ 1 trillion thresholds.
Bitcoin is up more than 100% this year, while Ethereum has gained almost 190%. Both have significantly outperformed traditional asset classes, driven by the entry of major companies and investors into the crypto world, including Tesla Inc and BNY Mellon. Bitcoin news always finds a space in the newspaper.
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