Cryptocurrency Market Value Crosses $1T for first time

Cryptocurrency Market Value Crosses $1T for the first time
 Cryptocurrency Market Value Crosses $1T for the first time

The total market value of cryptocurrency rose to $ 1 trillion for the first time on Thursday.  According to data from CoinGecko, the market value has increased five-fold in the last one year.  Bitcoin, which rose 4% to hit a record high of $ 37,000 on Thursday, represents about two-thirds of the cryptocurrency market value.  Ether represents about 14% of the market value.

Mesari's decentralized finance analyst Jack Purdy said "the $ 1 trillion marks represents a cryptocurrency as an investable asset class that no longer sits as a traditional finance for retail investors". "This demonstrates that this asset class is sufficient to absorb large orders, as we have seen recently with institutions entering the last few months."

Some of those big investments have come from firms such as technology firm MicroStrategy, which plans to buy over 70,000 BTCs, and London-based asset manager Ruffer Investment, which dumped $ 740 million in bitcoins at the end of 2020.

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