Total Cryptocurrency Market Cap Value Surges Across $1.9 Trillion Setting A New Record
August 16 2021 - 12:00PM
NEWSBTC
The bullish trend in the cryptocurrency market is tolling a
remarkable route in the month of August. For the first time since
May, the industry is recording a total market cap that is almost $2
trillion. The data from CoinGecko, a crypto data aggregator,
indicates that the total crypto market value crosses $1.9 trillion
a few days ago. This was after the market hit the mark since May
18. Related Reading | Coinbase Removes USD Coin (USDC)” Backed
By Dollar” Statement From July 19, the entire crypto market
experienced a considerable surge that pushes the total market value
to about $700 billion. Nevertheless, the market is yet to attain
its all-time high as of May 11. The value shows a deficit of about
$700 billion from its peak of $2.5 trillion. Other Cryptocurrency
Assets Reacting To The New Market Trend In the recent recovery
trend in the industry, prominent digital assets such as Bitcoin
(BTC) and Ether (ETH) are not left out. As a result, these
cryptocurrencies have explored their mid-May market cap levels
again. As of Monday, Bitcoin records a market value of over $860
billion. CoinGecko reveals that it’s the first time since May 16
for BTC to hit such a limit. The cryptocurrency experienced a main
sell-off earlier in the year. This was after Bitcoin became a $1
trillion asset. However, the sell-off triggered the plummeting of
the market cap to $560 billion by July 20. The recent rebounce of
the BTC price over $45,000 brought over a 53% increase to its
market value. Similarly, the global second-largest digital asset by
market cap, Ether, is not left out. The cryptocurrency accrued more
gains in July since the bear market. The asset had almost an 81%
increase from its July 20th value of $204 billion to $369
billion. After an incredible last week, the crypto market has taken
a slight dip | Source: Crypto Total Market Cap on TradingView.com
On Thursday, the digital asset passed through a prominent network
upgrade. The Ether price moved by 50% in response to the London
hard fork. This displays investors’ anticipation of getting
solutions to Ethereum’s high transaction fees through the upgrade.
Though the crypto market experienced a recent positive turning,
some key cryptocurrencies somersaulted in their market cap value.
For instance, Binance USD (BUSD), a top-ranking stablecoin by
market value after Tether (USDT) and USD Coin (USDC), had a drop.
Total cryptocurrency market cap 90-day chart As listed on
Thursday, BUSD couldn’t make it among the top 10 most-valued
digital assets. UNI, Uniswap’s governance token, dethroned BUSD
from the list. This left BUSD as the 11th-largest cryptocurrency
with a market cap of $12 billion. Related Reading | Lionel
Messi To Get Paid In Crypto For Joining Paris Saint Germain Recall
that this recent growth trend in crypto market value occurs after
Elon Musk, the CEO of Tesla, revealed debt to Bitcoin. Musk
mentioned on July 22 that SpaceX, his aerospace firm, is indebted
to Bitcoin. Furthermore, he announced Tesla’s plan to recommence
its acceptance of crypto payments for purchases. Musk explains that
this decision was due to the remarkable drop in the percentage of
fossil fuel used for Bitcoin mining. It alleged that the previous
decision of the CEO in suspending BTC payment to his company was
the main contributory factor to the May Bitcoin’s price crash.
Featured image from Pixabay, chart from TradingView.com
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