Amid the ongoing growth in the crypto space,100 crypto projects have reached a $1 billion market valuation.
The combined market cap of all crypto crossed over $2 trillion on the 5th of April. The new milestone was majorly fueled by the outstanding and continuous growth of Bitcoin (BTC), Ether (ETH), and other altcoins since the beginning of the year.
The crypto market achieved a new milestone with its market cap after hitting $1 trillion market value less than three months ago. In the first week of January, all exciting cryptocurrencies’ market cap exceeded $1 trillion for the first time in history. At the time, Bitcoin was trading at about $33,000 and topped a new high of $37,000 around the same time.
How Crypto Market Hits $2 Trillion
Since then, Bitcoin has grown significantly, pulling in more gains and reaching record highs. Bitcoin has surged more than 100% since the year began. According to analysts, the digital asset is poised to further growth. At press time, Bitcoin is up 1.59% to $58,882.67.
In 2021, Bitcoin has corrected severally, raising concerns in the crypto space. However, the cryptocurrency has maintained above the $50,000 levels for nearly a month. In the last few days, the price of Bitcoin has been dangling between $55,000 and $60,000. During the same period, ETH hit a new high of more than $2,000.
The second-largest crypto by market cap, ETH, has also been increasing and reaching new all-time highs. At the time of writing, Ethereum has gained 3.88% in the last 24 hours and currently trades at $2,126.82.
In a tweet, a pseudonymous trader Rekt Capital commented:
“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.”
Now, the crypto market is as valuable as tech giant Apple Inc (NASDAQ: AAPL), which is also the world’s second-biggest company.
100 Projects Climbs $1 Billion Market Value
Amid the ongoing growth in the crypto space,100 crypto projects have reached a $1 billion market valuation. In February, Cointelegraph reported that 53 blockchain projects hit the $1 billion market cap level. The huge investments of multi-dollar companies like MicroStrategy Inc (NASDAQ: MSTR), Tesla Inc (NASDAQ: TSLA), and Square Inc (NYSE: SQ) have pushed the growth of cryptocurrencies over the past months.
Already, financial institutions like PayPal Holdings Inc (NASDAQ: PYPL) and Visa Inc (NYSE: V) have declared their support for cryptocurrencies, especially BTC and ETH. In October last year, PayPal announced its debut into the crypto market by launching crypto trading services. The price of Bitcoin spiked 80% in reaction to the news and moved above $13,000.
Last week, PayPal launched a “Checkout with Crypto” feature for its US customers. With the new feature, customers in the US will be able to pay PayPal’s merchants globally with Bitcoin. Notably, the supported cryptocurrencies on PayPal are BTC, ETH, Litecoin (LTC), and Bitcoin Cash (BCH).
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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
