The market valuation of all issued bitcoins overtopped $1.1 trillion, and the capitalization of the entire cryptocurrency market reached an all-time high, exceeding $2 trillion.
On April 5, cryptocurrency capitalization reached a record $2 trillion, according to data provided by CoinGecko and Blockfolio. The main driver of the cryptocurrency market growth is considered to be a surge in demand for digital assets from both institutional and retail investors.
Traditionally, more than half of the value of the crypto market is accounted for by bitcoin. The first cryptocurrency continues to trade in a narrow range from $55,000 to $61,000. Bitcoin capitalization exceeds $1.1 trillion.
But the main cryptocurrencies of the past day in terms of growth rates were not bitcoin and Ethereum, but altcoins. The token of the centralized crypto exchange Binance (BNB) gained 7% in 24 hours, and grew by a third in a week, reaching $375. BNB has a capitalization of $57 billion. The long-suffering XRP, despite problems with the US financial regulator, grew by 37% over the day, approaching $0.9 per coin. Its capitalization returned to $40 billion.
Following ETH, which reached its all-time high over the weekend, exceeding $2000, the coins of competing projects like TRON (+25% per day), EOS (+11%), Tezos (+18%) turned to growth.
According to analysts at Glassnode, the fact that bitcoin held a $1 trillion market cap for one week is “strong vote of confidence for bitcoin and the cryptocurrency asset class as a whole.”
“While two trillion dollars in market cap is a sizable amount of value stored in the blockchain format, it is still less than 1% of the value that can be stored in that format, which means there is still much further to go in terms of both market cap and overall smart contract adoption,” said Sergey Nazarov, co-founder of Chainlink, a decentralized network that provides data to smart contracts on the blockchain.