Cryptocurrencies’ market cap for the first time got to 2 Trillion dollars, doubling in just two months in the face of increased institutional demand.
Bitcoin is worth over $1 trillion alone, with its price doubling and getting to around $60,000 in 2021. The next five largest coins — Ether, Binance, Polkadot, Tether, and Cardano — are worth around $422 billion in combination.
A Notch Higher in the Crypto Space
While this is an excellent accomplishment for crypto-space, many crypto-users conclude that an even larger bull run is ahead, given the institutional drive for crypto-currencies.
Bitcoin has been on a tear as institutional investors dabble in crypto as a means to increase cash yields in a world of almost zero interest rates. Tesla Inc.’s reserves poured Bitcoin worth $1 billion and started accepting it as a car payment medium. Morgan Stanley helps some of the richest consumers add to their portfolios, while Mastercard Inc. and PayPal Inc. have taken steps to accept Bitcoin.
MicroStrategy confirmed a new $15 million buy of Bitcoin — another 253 BTC, averaging $59,339 a coin. While Bitcoin continues to be held by MicroStrategy, its unrealized return is around $3.15 billion, or 140%. In August 2020, the company made its first purchase, and March 12 became its most recent.
The leading crypto-monetary supporter of MicroStrategy CEO Michael Saylor, has kept calling for other companies to buy the digital currency as an investment. Bitcoin, the CEO claims, will cross a $100 trillion market share.
On Monday, after Grayscale Bitcoin Trust, the world’s biggest institutional cryptocurrency holder, with the management of $34 billion, Bitcoin advanced its aims to turn trust into an exchange-traded fund.
The largest U.S. cryptocurrency exchange, Coinbase Global Inc., said last week that it is preparing to begin trading in Nasdaq later this month following a direct listing. The Nasdaq company currently has 91,579 Bitcoin, with a combined cost of 2,226 billion dollars — an average of 24,311 dollars per BTC.
Crypto Market Taking the Lead Compared to Legacy Markets
Today as well, legacy markets have grown. In the last 24 hours, BTC’s price rose a modest 2%, while Nasdaq and S&P 500 rose respectively by 1.36% and 1.43%.
Bitcoin price is currently around $58,471. Following an increase over the last seven days, Ethereum had an even greater result, with ETH 2.0 reaching 6,5 billion dollars in TVL (Total Value Locked).
In 2017 Bitcoin’s market cap stood at approximately 95.9 billion dollars, and the fight over crypto-assets led by conventional entities attempting to undermine them had begun. In the same year for CNBC, Standpoint Research Director Ronny Moas estimated that Bitcoin could surpass Apple’s market value at $50,000 per BTC. Time will tell if this forecast will come to life.