The prices of cryptocurrency and Bitcoin are soaring rapidly pushing the entire value of the crypto market over the mark of $2 trillion for the very first time. Some of the experts believe that the run of the bulls is just the beginning of the long run that is to come. The current price of Bitcoin is around $60,000/bitcoin. However, the psychological two trillion dollar barrier was finally speared by the rapid price increase of all the smaller cryptocurrencies like bitcoin, Ripple’s XRP, and Binance coin, according to the data published by CoinGeeko, a crypto market price website.
Crypto Market Got Boost From The Steep Price Increase Of Smaller Cryptocurrencies
Starting with roughly $750 billion during the start of this year, the value of the crypto market and bitcoin has doubled in its value this year. Bitcoin is the largest cryptocurrency based on value forms more than roughly half of the entire crypto market capitalization. Bitcoin has been leading the market traditionally.
Due to the steep increase of interest regarding decentralized finance(Defi) the current rally is getting driven by Binance coin and ethereum. Ethereum is the second biggest cryptocurrency following bitcoin having a total value of roughly $250 billion has set itself the highest all-time price while adding another 2 percent today. During the past 24 hours, both bitcoin, a rival of bitcoin, and Binance coin, both of which are in the top 10 cryptocurrencies have added roughly 10%.
Following the upbeat comments made by Brad Garlinghouse, chief executive, Ripple on the ongoing legal battle between the company and the US regulators, the cryptocurrency XRP has added a whopping 35%. The US regulators have claimed that XRP is merely security that was sold illegally to investors.