The cryptocurrency market capitalisation 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 in crypto market cap was led by bitcoin, which hit its own milestone by holding the $1 trillion market cap for one whole 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 since 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, while hitting a record high of $2 144.99 last Friday.
“Momentum and interest have begun to expand beyond bitcoin and ethereum,” said Paolo Ardoino, chief technology officer, at crypto exchange 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.
Source: SABC News (sabcnews.com)