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Ethereum leads altcoin surge as crypto market cap tops $ 2 trillion

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Ethereum leads altcoin surge as crypto market cap tops $ 2 trillion

  • The cumulative market cap of the crypto market topped $ 2 trillion for the first time on Monday.
  • Opened in January, the crypto market was valued at around $ 750 billion before reaching $ 1 trillion for the first time in history.
  • A bull run led by resulted in the crypto market surpassing $ 2 trillion in market cap, a new record.
  • While ETH was trading above $ 2,150, other altcoins, including Binance Coin, played a major role in the exposure.

The crypto industry broke another record, this time reaching a market cap of over $ 2 trillion. In January, the cumulative capitalization of the digital asset market exceeded $ 1 trillion for the first time in history.

That market fee is led by Ethereum, the second largest crypto. Other altcoins, including Litecoin, Ripple’s XRP, and Binance Coin, have also hit new highs. The number one crypto again reached a value close to the $ 60,000 mark.

Ethereum leads the altcoin fee

Ethereum opened at $ 1,919.16 in April and quickly made double-digit gains on April 6 to trade above $ 2,150. This is a new all time high for the second largest crypto.

The price hike gave Ethereum a market cap of $ 244.4 billion. The price means Ethereum is up more than 180% since the start of the year – after opening the year at $ 737.71.

Altcoins like Binance Coin, Litecoin and Ripple’s XRP also rose in double digits. XRP was on a parabolic spike, hitting more than 35% high, trading above $ 1 for the first time in over a year. The coin is now trading at $ 1.01 with a market cap of $ 45.8 billion regardless of the ongoing SEC lawsuit.

As a result of the bull run, the cumulative market capitalization of the crypto market rose to over $ 2 trillion – a new record. Bitcoin was not excluded from the uptrend and hit $ 59,479.58. Bitcoin hit a market cap of $ 1.1 trillion, more than half of the total market cap for crypto.

On the downside

  • Despite the ongoing optimistic outlook for the crypto market, skeptics about cryptos remain negative.
  • According to Charlie Munger, vice chairman of Berkshire Hathaway, crypto mania is “just dementia.”
  • Ulrik Lykke, CEO of crypto-focused hedge fund ARK36, said, “If the market goes completely parabolic and the price hits $ 100,000 to $ 300,000 per coin, a big downturn similar to that of 2018 is likely to follow.”

The Crypto Bull Run continues

The new height means that the crypto market has grown more than 100% in the past three months.

In an interview explaining the bull run of the crypto market, Alex Kruger – a crypto trader and economist – stated the following:

I expect a continuation up in the coming weeks, with Bitcoin lagging behind. The problem for this market is that leverage heats up too easily as Bitcoin rises higher. This is headwind.

Paolo Ardoino, Chief Technology Officer at Crypto Exchange Bitfinex, said that as the crypto industry matures, there will be more blockchain projects. As the market expands, the concentration that Bitcoin currently holds is likely to shift.

Other cryptoanalysts remained optimistic in their forecasts for the remainder of 2021, with different projections at the end of the year. A Bloomberg analyst has forecast that Bitcoin price could hit $ 400,000 this year or $ 65,000 this weekend.

Quantum (NASDAQ 🙂 Economics founder Mati Greenspan believes that the current $ 2 trillion market cap in the crypto market is just the tip of the iceberg and we could celebrate higher positions before the end of the year.

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Steven Gregory