The cryptocurrency market has been on an extended rally for the past year, and it has broken several records in the process. This includes Bitcoin, Ethereum, and several other cryptocurrencies, all reaching new all0time highs. The market has also seen the rise of DeFi tokens, NFTs, and more. Today, the cryptocurrency market cap surpassed the $2 trillion mark as the rally continues.
The total crypto market cap now at $2 trillion
The total cryptocurrency market cap has surpassed the $2 trillion mark today. This latest development came as the leading cryptocurrencies and others continue on their extended rally that began last year.
According to data obtained from Coingecko, the total cryptocurrency market cap is now worth over $2 trillion. Bitcoin remains the most dominant cryptocurrency, with a market cap of over $1 trillion, accounting for 54% of the entire crypto market cap.
However, Bitcoin has struggled to surpass the $60,000 mark in recent days as it is currently trading at $59,000 on most cryptocurrency exchanges. As Bitcoin failed to rally to a new all-time high, Ethereum has taken the lead. Its extended rally over the past few days has pushed a few other cryptocurrencies like Binance Coin (BNB), Polkadot (DOT), and XRP to perform excellently.
Ether is trading above $2,100, a new all-time high for the second-largest cryptocurrency. The rise above $2 trillion is an excellent achievement for the cryptocurrency market as the total market cap was barely $500 billion a year ago.
Institutional and retail investments pushed the market to greater heights
The past year signified massive institutional entry into the cryptocurrency space. Although institutional investors pumped in billions of dollars into the market, retail investors also did their part and matched the institutional investment over the past year.
Companies like Tesla, MicroStrategy, Square, and several others invested billions of dollars into the market. Traditional financial institutions such as Visa, JPMorgan, Morgan Stanley, and Goldman Sachs have all changed their stance on crypto and are now offering cryptocurrency services to their clients.
The increasing adoption and positive outlook from the cryptocurrency space helped push the market cap to a new high. Most analysts expect the market cap to reach $5-$10 trillion over the next few years.