The Bitcoin and Crypto market shattered $ 2 trillion whereas the value of Ethereum, Binance Coin, Litecoin and Ripple’s XRP abruptly rose
Bitcoin and cryptocurrency prices are rising, adding to the value of the entire cryptocurrency market to over $ 2 trillion for the first time (although some believe the bull run may only be just beginning).
With a Bitcoin price of around $ 60,000 per Bitcoin, the psychological barrier of $ 2 trillion was broken by a sharp rise in prices for smaller cryptocurrencies, Ethereum, Binance coins, Ripples XRP and Litecoin, according to data from crypto price website CoinGecko.
INDIA – 04/30/2020: In this photo illustration, a Bitcoin cryptocurrency logo is displayed on one … [+]
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The market for bitcoin and cryptocurrencies has more than doubled so far this year, rising from around $ 750 billion at the beginning of the year. Bitcoin, by far the largest cryptocurrency by value, accounts for more than half of the market capitalization of cryptocurrencies and has traditionally been the market leader.
However, the latest rally is being driven by Ethereum and Binance coins, both cryptocurrencies that have soared over the past year due to strong interest in what is known as decentralized finance (DeFi). Ethereum, the second largest cryptocurrency after Bitcoin with a total value of around $ 250 billion, hit a new high last week, adding another 2% today.
Binance coins and Bitcoin rival Litecoin, both top ten cryptocurrencies, have each gained around 10% in the past 24 hours.
XRP, the cryptocurrency developed by the Ripple company, is up 35% over the same period after Brad Garlinghouse, CEO of Ripple, made optimistic comments about the company’s litigation with US regulators claiming XRP was a security and became illegal sold to investors. Ripple is ready for an important discovery session with the Securities and Exchange Commission (SEC) on Tuesday.
Meanwhile, bitcoin and cryptocurrency traders are feeling positive after breaking the $ 2 trillion mark, and it is believed that this so-called altcoin rally could continue for some time.
“I expect a continuation upwards in the coming weeks, with Bitcoin lagging behind,” said crypto trader and economist Alex Krüger via telegram. “The problem for this market is that leverage heats up too easily as Bitcoin rises higher. That’s headwind.”
Bitcoin price has increased nearly 800% in the past 12 months and has risen to a total value of over … [+]
Other crypto market watchers are similarly bullish, though breaking the $ 2 trillion milestone had a muted response after a run that broke so many barriers.
“It’s a fun milestone to celebrate, but as we know, pretty meaningless,” says Mati Greenspan, founder of market analysis firm Quantum Economics, who feels optimistic despite the massive gains cryptocurrencies have already posted this year. “The crypto market will continue to grow and more non-crypto-related markets will move to digital assets. It is a very good time for the industry.”
The bull run for bitcoin and cryptocurrency was sparked in October by news that PayPal PYPL was opening its platform to bitcoin and a handful of other cryptocurrencies, sparking a wave of institutional investments in the crypto space. Meanwhile, Telsa billionaire Elon Musk frenzied retailers with his pro-Bitcoin tweets and set the market on fire when it was revealed that Tesla had added $ 1.5 billion worth of Bitcoin to its balance sheet Has.
The bitcoin and cryptocurrency community is now celebrating what it sees as the normalization of blockchain-based technology.
“With a crypto market capitalization of more than $ 2 trillion, it should be noted that momentum and interest have increased beyond Bitcoin and Ethereum,” said Paolo Ardoino, chief technology officer at the Bitcoin and cryptocurrency exchange Bitfinex in the UK Virgin Islands in comments sent by email.
“As the industry matures, we expect more blockchain-based applications to be rolled out to the world, while interest in other alternative assets, dApps and ecosystems as they become more marketable will increase.”