The combined market capitalization of all cryptocurrencies is above the $1 trillion mark for the first time ever as Bitcoin, Ethereum and other top cryptocurrencies continue to surge.
On Tuesday January 6th, the combined market capitalization of all cryptocurrencies broke the $1 trillion mark for the first time ever. During this time Bitcoin briefly hit a new all time high price of $37,000.
The main fuel behind this latest achievement is the prolonged Bitcoin bull run which is driven by institutional interest over the past months in the number one cryptocurrency by market capitalization.
Bitcoin accounts for almost 70% of the entire cryptocurrency market cap with a market capitalization of around $690 billion. Ether has also been a top performer thereby hitting $1200 for the first time in three years. Bitcoin and Ether accounts for roughly two-thirds of the entire market.
According to data from coinmarketcap.com during the last bull cycle in 2018 the combined market capitalization of all cryptocurrencies peaked at around $830 billion before correcting below $200 billion in the following months of the bear market.
The sentiments remain bullish for Bitcoin and the overall crypto market despite the corona virus pandemic due to institutional demand. United States banking firm, JP Morgan recently released a note to it’s investors saying Bitcoin can go as high as $140,000 in 2021.