Crypto market hits $2 trillion again after three months as Bitcoin, Ethereum, altcoins jump
The recent crypto rally, after Bitcoin fell to below $30,000 last month, has allowed the total market capital of more than 8,800 coins to once again reach $2 trillion. This is after almost three months of decline from $2.12 Trillion on May 19, according data from cryptocurrency exchange CoinGecko. This surge came after a significant rise in Bitcoin, Ethereum and a few other altcoins during the week. Bitcoin rose 19% to a three-month peak of more than $46,500 on Wednesday. Ethereum climbed 21 percent to more than $3,000. Binance Coin rose nearly 19%, Cardano rose around 22 percent, XRP 32%, and so on. The total market cap for all coins on CoinGecko was $1.9 trillion at the time this report was filed.
“Consolidation was initiated by institutional investors. Tesla, for example, had stopped accepting Bitcoin in May because of climate concerns. However, during the recent B Word conference he said that the company would accept it again once the share of renewable energy used in Bitcoin mining has exceeded 50%. A Bitcoin Mining Council report states that the milestone has been reached. There is speculation that Tesla may soon accept Bitcoin. It also saw a 50 percent increase in trading volume compared to last month,” Hitesh Malviya (Founder, itsblockchain.com) told Financial Express Online.
The number of cryptocurrency listings on crypto tracking platforms and data aggregation platforms such as CoinMarketCap, CoinGecko and Coinpaprika has exploded in 2021’s first half. CoinDesk reports that CoinMarketCap added 2,655 crypto assets to its data base during H1 2021. This is an increase of 2,000 coins in 2018, and brings the total number of coins listed up to 10,810. This is compared to the average 1,538 coins added each six-month in 2019 and 2020. CoinGecko also added 3,064 assets, while Coinpaprika, a Polish-based cryptocurrency research platform, listed 2,000 coins. Bitcoin traded at $44,364 when this report was filed. This is a decrease of $46,548 over the 24-hour period. After a six-week hiatus, the crypto king had recouped to $40,000 last month.
“As long as Bitcoin remains above $40,000, it will likely retest at $60,000. It is possible for Bitcoin to reach $100,000 before the end of 2018. The total value could rise to $4-5 trillion, as Ethereum will continue to move. Malviya said that Ethereum had more trading volume than Bitcoin in the past quarter.