Cryptocurrency market cap hits $2 trillion for the first time
According to data from Coingecko, The market capitalization of all cryptocurrencies combined in existence has surpassed $2 trillion on April 5, led by the remarkable growth and popularity of Bitcoin (BTC), Ether (ETH) as well as other altcoins in 2021.
Apparently, The cryptocurrency market is now approximately as valuable as the tech-giant Apple Inc.
It took less than three months to reach this milestone after the cryptocurrency market surpassed $1 trillion for the first time back on Jan. 7 when the Bitcoin was trading around $33,000.
Earlier this year, several major finance catalysts and institutions have fueled both Bitcoin and Ether to push it strongly towards new all-time highs. One of the ops financial institutions including PayPal and Visa are planning to actively support cryptocurrencies, with Bitcoin being the center of attention.
This year Bitcoin has been through several short-term corrections but has now constantly remained above $50,000 for almost a month, with low volatility compared with altcoins, preventing the whole altcoin market from seeing a critical pullback. In fact, Bitcoin's volatility has dropped to its lowest level since November 2020 as the price has been consolidating between $55,000 and $60,000 over the past few days. At the same time, ETH has surged and broke out against Bitcoin, reaching a new record high above $2,000.
A pseudonymous trader known as "Rekt Capital" attributed the strong performance of ETH writing:
"BTC is still just consolidating inside this range. It is this consolidation that has helped $ETH breakout to new All-Time Highs. ETH is arguably leading the market whereas BTC is trying to catch up. Good sign so far is that orange resistance is struggling to reject Bitcoin.”
Jonathan Habicht, a partner at Moonrock Capital, said:
"I know so many people who are just waiting to increase their $BTC $ETH and major Altcoin positions during larger dips and they are surely not the only ones. Bear market is not an option for the foreseeable future."
As long as the strength of the ETH/BTC pair remains flawless and Bitcoin does not come through a major sell-off, the crypto market's short-term outlook would remain highly optimistic for April and into the summer season.