Things are definitely looking up for cryptocurrency in general and Bitcoin in particular, as the market is about to enter its strongest quarter. The crypto markets on a global scale have continued to grow over their $2 trillion marks which ended up making headlines the previous day. The total market cap for cryptocurrency, currently, stands at $2.06 trillion, with an increase from 4.9% the previous day.
This valuation has been brought out by Jim Bianco who heads his own analytics company- Bianco Research. According to the report, cryptocurrency is currently more important than the entire banking system of the USA.
Bitcoin Leapfrogs The US Banking System
Not just the banking sector, the cryptocurrency market has managed to put its imprints on the market cap of gold too. They have currently hit close to 27.8% of the total value of this meta. Interestingly, the trend doesn’t seem to die down soon- which makes it quite trendy for investors to invest in this safe haven. As of now, the USD/Bitcoin ratio is favoring traders a whole lot.
As a particular cryptocurrency, Bitcoin has had quite an eventful week so far. They have definitely been able to keep themselves afloat of the $10 trillion marks for almost 10 days now. And as we can understand from this- this is a record of the largest cryptocurrency in the world. The coin had an impressive gain overnight at 3.4% and then kept hovering below the level of $60,000.
Although this does seem impressive, we need to remember that the rest of the market has also played an important role in lifting the gains of the crypto sector. Ethereum also sits comfortably at a solid 5% gain at $2,000.
One of the main reasons why Bitcoin and cryptocurrency as a whole have been able to get a much bigger value than the US banking system is the fallout from the implosion in Archegos the previous week. Most of the banks that were caught in the mix had to take major write-downs that would help them deal with the massive sell-offs.