This is a historic first: the global capitalization of all cryptomoney has exceeded the $1 trillion threshold. A performance largely driven by Bitcoin (BTC), which dominates the market with 690 billion dollars.
New day, new record
According to data from the CoinGecko aggregator, the total capitalization of the encryption market exceeded $1 trillion last night. This is the first time in the history of cryptomoney that this symbolic milestone has been reached.
„The $1 trillion threshold cements cryptoney as an asset class that is no longer on the bangs of traditional finance, like a toy for retail investors,“ Jack Purdy told CoinDesk, financial analyst at Messari.
Bitcoin (BTC) absorbs more than 68% of this amount, raising more than $680 billion on its own. This is followed by Ether (ETH) with $135 billion, Tether (USDT) with $23 billion and Litecoin (LTC) with $11 billion.
The rise above this level is partly due to the explosion of Bitcoin Lifestyle share price in recent weeks, which now stands at $37,000.
The record for the last bull-run in terms of total capitalization was set on January 7, 2018, when it reached $853 billion before dropping to around $320 billion in just 30 days.
This is undeniably a major milestone for the entire cryptomatics industry, especially considering that its capitalization was close to $140 billion at the time of the mid-March crash. As always, the cryptomoney market will have shown its resilience in the face of the crisis and impressed by its performance.
By way of comparison, gold capitalization is currently close to $10 trillion. Together, crypto-currencies now represent 10% of the gold market, a gap that could tend to narrow over time.
In fact, the American bank JPMorgan estimates that Bitcoin would need to exceed $146,000 to match the total private sector investment in gold through exchange traded funds. A price per BTC that would bring its total capitalization to $2,645 billion.