The entire cryptocurrency market has successfully managed to reach a record high very recently on 6th January 2021, Wednesday. The overall value of all the cryptocurrencies put together has exceeded the never seen before amount of a massive $1 trillion.
According to the report of CoinGecko’s index, the number of cryptocurrency assets is 6,124.
Cryptocurrency Market Makes A Big Record
The cryptocurrency market had been able to touch their previous peak of the record-high value of all the digital coins together in the year 2017. During that time the total capitalization of the industry had been more than $760 billion. This was reported by TradingView.
According to the data of Messari, the leading cryptocurrency, Bitcoin, holds approximately 69% of this entire cryptocurrency market capitalization. As a result, the traders of the stock market are least surprised to the cryptocurrency industry surging at an exponential pace.
Qiao Wang, the co-founder of DeFi (Decentralized Finance) accelerator company DeFi Alliance as well as the former trader of Tower Research, has recently asked a rhetoric question in relation to the crypto market. He rhetorically asked if this sharp rise in the market of crypto is substantial, considering the short span of time that it took place. He stated that this gain in cryptocurrencies is reliable as well as long-term.
BTC has experienced a parabolic journey for the last 12 months along with several other cryptocurrencies. They have created a deep-pocket for the institutional investors who have shown increased interest.
Several analysts and firms believe that the mark of $1 trillion has fortified crypto assets as investable and consistent. This is made possible owing to the large investments from big firms.