Daily Management Review

Cryptocurrency market capitalisation exceeds $2T for the first time


The total market capitalisation of cryptocurrencies has reached $2 trillion, a record high.

Jernej Furman via flickr
Jernej Furman via flickr
Bitcoin has surpassed $1.1 trillion, boosted by increased interest in cryptocurrencies from both institutional and retail investors in the past few months, according to Reuters.

Reuters attributed the rise in cryptocurrency capitalisation to increased demand from both institutional and retail investors over the past few months.

The rise in interest in the cryptocurrency has been driven, among other things, by large business investments: In early February, Elon Musk's Tesla electric car manufacturer invested $1.5 billion in bitcoin, and social network Twitter said it was thinking about paying employees and partners in bitcoin. Service head Jack Dorsey said back in 2018 that bitcoin would become the "single currency" of the internet within a decade.

Ethereum reached an all-time high on 3 April, crossing the $2100 mark. The growth was supported by Visa, which for the first time began conducting cryptocurrency transactions using Ethereum, as well as the words of billionaire Mark Cuban, who said that ether "is the closest to the real currency". The businessman also said that his crypto portfolio consists of 30 per cent ether tokens and 60 per cent bitcoins.

source: reuters.com