For the first time in history, the total market value of cryptocurrencies reached the mark of 1 trillion dollars or approximately 5 trillion reais, according to data from Coinmarketcap.
Market value of combined cryptocurrenciesThis means that the market cap of all more than 8,000 crypto assets is higher than the GDP of Switzerland (US $ 707 billion), Austria (US $ 432 billion) and two and a half times the gross domestic product of Argentina (US $ 382 bi).
The mark is reached after the over 700% appreciation of Bitcoin since March 2020, when the cryptocurrency collapsed to less than $ 4,000, but has managed to recover with the entry of institutional investors buying hundreds of millions in the digital asset.
According to James Lopp, developer of Bitcoin Core, the next step is for bitcoin to reach $ 1 trillion alone. This would take the price of cryptocurrency to other levels and it would be worth 20% of the gold market – currently the number is at 8.9%.
Total crypto market cap hits $ 1 Trillion.
Next up: Bitcoin market cap hits $ 1 Trillion. – Jameson Lopp (@lopp) January 6, 2021
Currently, the first cryptocurrency corresponds to 68.5% of the total market value of crypto assets or approximately US $ 687 billion. Despite this, Ethereum was the first blockchain to exceed the $ 1 trillion mark in volume traded in the year.
See also: What if bitcoin replaced the traditional market?
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