April 13, 2021

Cryptheory

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BTC’s $1 trillion market enters 10th consecutive day as crypto exceeds US banking giants

3 min read

TL;DR Breakdown

  • BTC enters day 10 above $1 trillion market cap.
  • Altcoins drive global crypto market cap past the US banking industry.
  • Global crypto market cap hits $2 trillion for the first time.

The cryptocurrency market has continued its persistent growth with BTC entering the 10th straight day above the $1 trillion total market value since the 26th of March. The general crypto market has remained resilient as well, and helped to push digital currencies above the American banking sector. The latest “Week On-chain” report by analytics firm Glassnodes indicates that the king of cryptocurrencies has been enjoying its stay above the $1 trillion market capitalization for 10 straight days for the first time ever. 

According to Glassnodes, this is a strong sign of trust in BTC and the entire cryptocurrency industry. The global digital assets market is continuing to swell past the $2 trillion mark which made the papers yesterday on the 5th of April. At press time, the total market value of the crypto market stands at $2.04, representing a 4 percent growth over the last 24 hours. The head of analytics company Bianco Research, noted that the current market value has pushed the cryptocurrency market past the total valuation of the United States banking industry. 

BTC strong above trillion-dollar market capitalization

It is only the third time BTC has reached the $1 trillion mark after hitting the landmark on the 19th of February for the first time. However, the flagship cryptocurrency immediately dropped back to 12 figures for almost three weeks. BTC hit the trillion dollar mark again for the second time on the 9th of March but unfortunately it pulled back again to the $950 billion mark. 

BTC displayed its resilience again on the 26th of March pushing its way back above the $1 trillion mark, and has been up there ever since. At the time of writing, the total market capitalization of BTC stands at $1.12 trillion as per Trading View data. Glassnodes has also noted that BTC valued at $1.98 million has been transferred within the network during the time BTC market cap has held above $1 trillion, representing almost 11 percent of BTC’s circulating supply. BTC is currently trading at $58,426. 

Altcoins driving crypto market cap

Although BTC has been impressive over the last 10 days, altcoins have massively contributed to the cryptocurrency market cap hitting $2 billion on Monday. The second largest cryptocurrency comfortably rests above the $2,000 mark after a 5 percent gain. XRP remains to be the best performer after gaining more than 75 percent over the last week. 

Coinmarketcap data revealed on the 5th of April that the entire digital asset market touched $2 trillion milestone level for the first time. At the time of writing, the global cryptocurrency market cap stands at $1.937. The latest rally by altcoins pushed down BTC’s dominance to below 56 percent. 

Bitcoin’s $1 trillion market enters 10th consecutive day as crypto exceeds US banking giants 5
Global crypto market cap: Tradingview

The best performing altcoin, XRP broke past $0.93 price level for the first time in almost three years during the latest rally. The rally saw XRP break into the top 4 largest cryptocurrencies by market cap after hitting $46 billion, which is more than Uniswap, Cardano and Litecoin altogether. 

Yesterday ETH touched its all-time high of $2,150 after the recent altcoins rally driven by a major increase in both retail and institutional demand. At the time of writing ETH is trading at a market price of $2,119.46 as per Coinmarketcap data. Other notable altcoins include BNB, which gained $12 percent, BCH with 13 percent, and LTC with 11 percent over the previous 24 hours. 

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