bitcoin secures trillion cap time

NEW YORK: The cryptocurrency market capitalization hit an all-time peak of $2 trillion on Monday, according to data and market trackers CoinGecko and Blockfolio, as gains over the last several months attracted demand from both institutional and retail investors.

By mid-afternoon, the crypto market cap was at $2.02 trillion.

The surge was led by bitcoin, which hit its own milestone by holding at a $1 trillion market cap for one week. Bitcoin was last up 1.4% at $59,045. Since hitting a lifetime peak of more than $61,000 in mid-March, bitcoin has traded in a relatively narrow range.

Analysts said as long as bitcoin stays above $53,000, it will be able to maintain its $1 trillion market cap.

Ethereum, the second largest cryptocurrency in terms of market cap, was up 1.3% at $2,103. Its market cap was $244 billion on Monday.


Even if bitcoin gets to half of gold’s market cap, that’s still growth of 4X, or $200,000. So I don’t know when it stops rising,” he added.

The next milestone will be overtaking Alphabet Inc, currently valued at $1.431 trillion, said Jacob Skaaning, portfolio manager at crypto hedge fund ARK36.

“There will likely be some big fluctuations along the way, but I’m still very bullish and I believe the uptrend will continue for the time being,” he added.

Still, many analysts and investors remain skeptical of the patchily regulated, highly volatile digital asset, which is little used for commerce.

Analysts at JP Morgan said bitcoin’s current prices were well above estimates of fair value.

Bitfinex.

“As the industry continues to mature, we expect more blockchain-based applications to be introduced to the world, and coinciding with that, a surge of interest around other alternative assets… as they become more market-ready,” he added.

Blockchain data provider Glassnode, in a research report, said the fact that bitcoin has held the $1 trillion market cap for one week is a “strong vote of confidence for bitcoin and the cryptocurrency asset class as a whole.”

It added that on-chain activity continues to reinforce bitcoin’s robust position, with a volume equivalent to over 10% of circulating supply transacting above the $1 trillion threshold.

Also on Monday, Grayscale Bitcoin Trust, a $35 billion publicly listed investment vehicle that holds bitcoin, said it remains committed to converting to an exchange traded fund.

Bitcoin secures trillion cap time-

“Crypto assets continue to rank as the poorest hedge for major drawdowns in equities, with questionable diversification benefits at prices so far above production costs, while correlations with cyclical assets are rising as crypto ownership is mainstreamed,” JP Morgan said.

Bitcoin is an “economic side show,” it added, calling innovation in financial technology and the growth of digital platforms into credit and payments “the real financial transformational story of the COVID-19 era.”

Other investors this week said bitcoin’s volatility presents a hurdle for it to become a widespread means of payment.

On Thursday, Tesla boss Elon Musk – whose tweets have fueled bitcoin’s rally – said owning the digital coin was only a little better than holding cash.

Bitcoin secures trillion cap time-out

The cryptocurrency market is now worth more than $3 trillion.

The little more than a decade old market for digital assets has already roughly quadrupled from its 2020 year-end value, as investors have gotten more comfortable with established tokens such as Bitcoin and networks like Ethereum and Solana continue to upgrade and attract new functionality. Excitement about the possibilities of decentralized finance and non-fungible tokens is growing, and memecoins like Dogecoin and Shiba Inu continue to attract attention.

“Bitcoin appears to be pushing out of a bullish flag pattern, and Ether is likely to confirm a long-term breakout on a close above resistance this Friday,” said Katie Stockton, founder and managing partner of Fairlead Strategies, in a note.

As of 4:15 a.m.

Bitcoin secures trillion cap timecode

Friday, countering analyst warnings that it is an “economic side show” and a poor hedge against a fall in stock prices.

The world’s most popular cryptocurrency jumped to an all-time high of $56,399.99, posting a weekly gain of 14%. It has surged nearly 70% so far this month and was last up 8% at $55,664.

Bitcoin’s gains have been fueled by signs it is gaining acceptance among mainstream investors and companies, from Tesla Inc and Mastercard Inc to BNY Mellon.

All digital coins combined have a market cap of around $1.7 trillion.

“If you really believe there’s a store of value in bitcoin, then there’s still a lot of upside,” said John Wu, president of AVA Labs, an open-source platform for creating financial applications using blockchain technology.

“If you look at gold, it has a market cap of $9 or $10 trillion.

By Gertrude Chavez-Dreyfuss

3 Min Read

NEW YORK (Reuters) – The cryptocurrency market capitalization hit an all-time peak of $2 trillion on Monday, according to data and market trackers CoinGecko and Blockfolio, as gains over the last several months attracted demand from both institutional and retail investors.

By mid-afternoon, the crypto market cap was at $2.02 trillion.

The surge was led by bitcoin, which hit its own milestone by holding at a $1 trillion market cap for one week. Bitcoin was last up 1.4% at $59,045. Since hitting a lifetime peak of more than $61,000 in mid-March, bitcoin has traded in a relatively narrow range.

Analysts said as long as bitcoin stays above $53,000, it will be able to maintain its $1 trillion market cap.

Ethereum, the second largest cryptocurrency in terms of market cap, was up 1.3% at $2,103.

Friday, countering analyst warnings that it is an “economic side show” and a poor hedge against a fall in stock prices.

The world’s most popular cryptocurrency jumped to an all-time high of $56,399.99, posting a weekly gain of 14%. It has surged nearly 70% so far this month and was last up 8% at $55,664.

Bitcoin’s gains have been fueled by signs it is gaining acceptance among mainstream investors and companies, from Tesla Inc and Mastercard Inc to BNY Mellon.

All digital coins combined have a market cap of around $1.7 trillion.

“If you really believe there’s a store of value in bitcoin, then there’s still a lot of upside,” said John Wu, president of AVA Labs, an open-source platform for creating financial applications using blockchain technology.

“If you look at gold, it has a market cap of $9 or $10 trillion.

Even if bitcoin gets to half of gold’s market cap, that’s still growth of 4X, or $200,000. So I don’t know when it stops rising,” he added.

The next milestone will be overtaking Alphabet Inc, currently valued at $1.431 trillion, said Jacob Skaaning, portfolio manager at crypto hedge fund ARK36.

“There will likely be some big fluctuations along the way, but I’m still very bullish and I believe the uptrend will continue for the time being,” he added.

Still, many analysts and investors remain skeptical of the patchily regulated, highly volatile digital asset, which is little used for commerce.

Analysts at JP Morgan said bitcoin’s current prices were well above estimates of fair value.

Bitfinex.

“As the industry continues to mature, we expect more blockchain-based applications to be introduced to the world, and coinciding with that, a surge of interest around other alternative assets… as they become more market-ready,” he added.

Blockchain data provider Glassnode, in a research report, said the fact that bitcoin has held the $1 trillion market cap for one week is a “strong vote of confidence for bitcoin and the cryptocurrency asset class as a whole.”

It added that on-chain activity continues to reinforce bitcoin’s robust position, with a volume equivalent to over 10% of circulating supply transacting above the $1 trillion threshold.

Also on Monday, Grayscale Bitcoin Trust, a $35 billion publicly listed investment vehicle that holds bitcoin, said it remains committed to converting to an exchange traded fund.

New York, the overall market cap of cryptocurrencies was $3 trillion, according to CoinGecko pricing. The third- and fourth-biggest tokens, Binance Coin and Solana, have added more than 20% in the past seven days; all of the seven biggest coins are up over the last week.

Bitcoin rose as much as 5.8% on Monday to $66,539, nearing its previous record of about $67,000. Ether advanced as much as 3.6% to a new high of $4,7958.

Crypto companies such as miners Marathon Digital Holdings Inc.
and Riot Blockchain Inc. each rallied more than 10% Monday. Coinbase Global Inc., the largest U.S. exchange, gained as much as 3.6%, a day before reporting third-quarter results.

Of course, crypto is notoriously volatile. The last time Bitcoin reached these levels, it fell back several thousand dollars, and it’s undergone multiple corrections that take it down by half or more.

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