According to Goingecko, the cryptocurrency market capitalization has surpassed the $ 2 trillion mark. On Coinmarketcap, the market is still valued slightly lower, at $ 1.97 trillion.
Bitcoin’s capitalization still exceeds the combined value of all other cryptocurrencies – its dominance index today is close to 56%. Together with ether (capitalization $ 243 billion), they “weigh” 67.5% of the entire market. The third is Binance Coin with a capitalization of $ 57.7 billion.
The cryptocurrency market hit its second trillion just a few months after hitting $ 1 trillion. This happened on January 7, when bitcoin was trading at $ 34,000. A new record for the market capitalization of cryptocurrencies was set along with today’s announcement by MicroStrategy about the next investments in bitcoin. MicroStrategy CEO Michael Saylor tweeted that the company acquired another 253 BTC for $ 15 million at a rate of about $ 59,339. MicroStrategy now has 91,579 BTC at its disposal.
This year, bitcoin has already undergone several corrections, but during the month it has consistently held above $ 50,000, preventing ether and other altcoins from rolling back. Moreover, a few days ago, the ether rate reached another record level – $ 2,150. Many traders believe that it was the consolidation of bitcoin between $ 55,000 and $ 60,000 that helped the ether break through to a new all-time high.
Fund managers are also optimistic about the cryptocurrency market in the short term. For example, Moonrock Capital partner Jonathan Habicht says that many traders are going to buy bitcoin, ether and other large crypto assets during the fall, but a bear market should not be expected until at least summer.
“Bullish sentiment” in the cryptocurrency market is fueled by the upcoming placement of shares of the Coinbase exchange on the stock market. Coinbase said it has received approval from the US Securities and Exchange Commission (SEC). Coinbase shares will be listed directly on Nasdaq on April 14 and will appear under the ticker COIN in the $ 300-350 range. Coinbase’s entry into the stock market will grab the attention of traditional investors, which could drive the demand for cryptocurrencies even more.