Global Cryptocurrency Market Cap Touches Historic High of $2.5 Trillion as Bitcoin Value Rallies over $60,000
The market capitalisation of all the cryptocurrencies put together has crossed a milestone of $2.5 trillion (roughly Rs. 1,87,42,625 crores) according to cryptocurrency tracker CoinMarketCap.
The development comes at a time when Bitcoin, which is the most-valued cryptocurrency in the world, is trading at over $65,000 (roughly Rs. 49,000) on Indian exchanges CoinSwitch Kuber, and over $62,000 (roughly Rs. 47 lakhs) on international exchanges, after a brief period of drops.
With this whopping valuation, the global crypto market has surpassed Apple and Microsoft in terms of market cap. While Apple’s valuation is $2.39 trillion (roughly Rs. 1,79,17,949 crores), Microsoft has a cap of $2.28 trillion (roughly Rs. 1,70,93,276 crores).
In the beginning of 2021, the total market capitalisation of cryptocurrencies was around $830 billion (roughly Rs. 62,21,688 crores). Since then, the valuation has witnessed a substantial growth of 233 percent.
As per the data by statistics firm CoinMarketCap, Bitcoin, Ethereum, Binance Coin, and Cardano have emerged as popular crypto tokens in recent days.
Reports also suggest that the position of Bitcoin plays a vital role in affecting the market position of other altcoins. The value of Bitcoin, as of now, makes up around 45 percent of the total crypto market cap, according to a study by coinannounce.com.
Ethereum, on the other hand, constitutes 17 percent of the total crypto market valuation accounting for $458 billion (roughly Rs. 34,34,771 crores).
Despite adoption reluctance from countries like China and Russia among others, the global crypto market is clearly expanding at a rapid pace.
Earlier last month, multi-billionaire crypto-supporter Elon Musk also said that these virtual currencies cannot be destroyed, and that their growth is inevitable.
Several investors including Mark Cuban have also called Bitcoin the modern-day gold — pitting the crypto token against one of Earth’s most valuable substances.
Presently, the Asian countries of Vietnam, India, and Pakistan respectively, are emerging as potential crypto mammoth nations.
In the 12 months up to June 2021 the cryptocurrency market grew by 706 percent and reached a value of $572.5 billion (roughly Rs. 42,62,844 crores) in Central and Southern Asia, and Oceania (CSAO) region alone, a report by market research firm Chainalysis had said.
Indian trade association NASSCOM has also predicted a multi-fold growth for the cryptocurrency market in the next five years i.e by 2026.
