Cryptocurrency Market Surpasses $2 Trillion for First Time Ever
Article originally posted by Newsweek on BY ON 4/5/21 AT 1:11 PM EDT- Source: Newsweek
The combined market cap of all cryptocurrencies hit $2 trillion for the first time Monday, making cryptocurrency as a whole approximately as valuable as Apple, the second-largest company in the world.
Data released by CoinGecko and other cryptocurrency analysis groups revealed that the market as a whole pushed beyond $2 trillion on April 5. The milestone comes less than three months after it surpassed $1 trillion in overall value on January 7. Crypto investors and other supporters of decentralized finance factions, including Bitcoin and Ethereum, rejoiced at the news Monday morning, taking to social media to reiterate that cryptocurrencies are the future of world finance.
Institutional and retail investors have flocked to the cryptocurrency market since the start of the year, analysts said, pushing many blockchain backers to encourage others to join the massive movement into decentralized finance.
“#BTC is still just consolidating inside this range. It is this consolidation that has helped $ETH breakout to new All Time Highs. #ETH is arguably leading the market whereas $BTC is trying to catch up. Good sign so far is that orange resistance is struggling to reject #Bitcoin,” wrote the pseudonymous trader known as “Rekt Capital” on Monday.
Other top investors in cryptocurrency once again touted the market’s bullish ability to defy potential regulators and thrive moving forward.
“Decentralized finance (DeFi) is as significant an innovation as double entry accounting and is a great example of how Ethereum is leveraging blockchain technology,” said cryptocurrency investor and entrepreneur, Correll Lashbrook, to Newsweek on Monday, adding that he’s “more interested in tech than being greedy.”