Recently, the total market capitalization of cryptocurrency has surpassed 2 trillion dollars due to factors such as the significant rise in Bitcoin prices. This surpasses the market cap of NVIDIA, a rapidly rising stock that is capturing attention in the stock market.
According to Yonhap News, as of 1:30 PM Eastern Time on the 27th, the total market capitalization of cryptocurrency on the U.S. cryptocurrency exchange Coinbase was calculated at approximately 2.14 trillion dollars.
This is the first time the market cap has reached 2 trillion dollars since December 2021, over two years ago.
This surpasses not only Amazon (1.799 trillion dollars) and Alphabet (1.723 trillion dollars) on the New York Stock Exchange but also the third-ranked Nvidia (1.984 trillion dollars).
The total cryptocurrency market cap peaked at 2.7 trillion dollars in November 2021 when Bitcoin hit its record high. However, due to the bankruptcy of the U.S. cryptocurrency exchange FTX and other factors, Bitcoin plummeted, shrinking to as low as 820 billion dollars in November 2022.
The increase in the cryptocurrency market cap is largely due to Bitcoin, which accounts for about half of the total, recording its highest price in over two years.
As of 1:30 PM, the price of one Bitcoin was trading at 57,027 dollars, a 6.33% surge from the previous day.
The market cap is 1.1 trillion dollars, approaching the sixth-ranked market cap on the New York Stock Exchange, Meta, the parent company of Facebook (1.231 trillion dollars).
Bitcoin has risen over 30% in price just this year.
The price of Ethereum, the second-ranked cryptocurrency by market cap, also showed a 2.98% increase, reaching 3,238 dollars. Ethereum’s price has risen over 40% this year, and its market cap has jumped to 389.3 billion dollars, more than Samsung Electronics (365.2 billion dollars).
The market cap of Tether, the top-ranked stablecoin, is 98.1 billion dollars. Stablecoins are cryptocurrencies designed to minimize price volatility by being pegged to the value of the U.S. dollar or the Euro.
Binance Coin (BNB) and Solana have also grown significantly along with the rise in Bitcoin, with their market caps swelling to 59 billion dollars and 47.5 billion dollars, respectively.
The combined market cap of these five coins accounts for 80% of the total, at 1.6939 trillion dollars.
Bloomberg reported, “The demand for Bitcoin is expanding as 6.1 billion dollars flowed into the Bitcoin spot exchange-traded fund (ETF) that started trading in the U.S. on the 11th of last month. The upcoming halving is adding to the optimistic atmosphere.”
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