The price surge in Bitcoin and other cryptocurrencies has boosted the market to a total market capitalization of more than $2,2 trillion for the first time in history.
All cryptocurrencies in the digital industry reached a market capitalization of more than 2,21 trillions of dollars this Wednesday, driven by the recent rise in prices of Bitcoin (BTC) and other cryptocurrencies and altcoins that accompanied BTC in the bullish rally, such as Ethereum (ETH), Dogecoin (DOGE), XRP (Ripple), Chainlink (LINK), Litecoin (LTC), which had an astonishing growth of more than 50%.
By the end of December 2020, the market capitalization of all cryptocurrencies was close to $700.000 billion, so to date, this industry has seen growth of more than 215% in the last 3,5 months.
Source: CoinMarketCap
This is the first time in the history of cryptocurrencies that the market capitalization of all digital assets on the market has reached this figure, a fact that marks a new milestone for the digital industry.
The bullish momentum that Bitcoin and many of the crypto assets that follow it are having this week, led the total capitalization of cryptocurrencies to break its ceiling, and grow from the 1,9 trillion with which it started on Monday to the current 2,2 trillion dollars. Of this value, Bitcoin alone occupies 53%, with a market capitalization of 1,17 trillion dollars, followed by Ethereum with 12,7%, and a cumulative value of 281.000 billion dollars.
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April, a promising month for cryptocurrencies
Since this month began, cryptocurrencies have been marking new milestones. From the most popular digital assets, such as Bitcoin and Ethereum, to altcoins and Tokens of games like polkadot (DOT) y Engine (ENJ), have reached new all-time highs.
April started as a month surrounded by positive news for the crypto industry. Yesterday, Ethereum saw the arrival of one of its hard fork more important, Berlin, which activated several improvement proposals (EIP) to optimize the operation of the network. Also, the announcement of microstrategy, the largest institutional investor in BTC, to pay its board members and non-employee directors in bitcoin instead of dollars is a significant milestone for both the cryptocurrency and the industry at large.
Likewise, the arrival of new ATMs for the purchase of dogecoins, bitcoins and other cryptocurrencies in the state of Florida; the first sale of a private suite for the season in BTC by the Oakland Athletics; the acceptance of bitcoins by billionaire Rick Caruso for the payment of rent on his properties; the legalization of cryptocurrency betting in the state of Wyoming; and the growing adoption of Bitcoin as a means of payment in different businesses in the United States, Europe and the world, are positively influencing the revaluation of the market.
The IPO of one of the exchanges of the industry's largest cryptocurrencies has also been a major catalyst for much of this bullish momentum.
DOGE, XRP and BNB among the most valued
Bitcoin's bullish sentiment boosted almost all cryptocurrencies in the industry. However, there were some that showed exceptional growth, which even overshadowed Bitcoin's growth in the markets. Some of these cryptocurrencies were DOGE, XRP, and BNB.
DOGE and XRP both exceeded 100% growth in the last week. The former, the meme token, went from being worth around $0,06 at the beginning of the week, to more than $XNUMX. $0,12 at the time of writing. In fact, DOGE hit an all-time high of $0,14 in the past few hours. Likewise, XRP, whose value was severely affected after the SEC filed a lawsuit against Ripple and its executives at the end of December, also recovered considerably this week. The cryptocurrency that the SEC considers a security grew by 100,1% in the last 7 days, and at the time of writing this article it is trading at a value of $1,84 per unit.
BNB is also one of the most valued digital assets in the crypto industry. This altcoin grew by 45% this week, and its value is close to $546 per unit, at the time of this writing. BNB hit a new all-time high earlier this week, with a unit value of $610.
Cryptocurrency Outlook
Although the performance of cryptocurrencies since the beginning of April has been quite favorable for investors, traders and users, no one can be sure of what will happen in the coming days. However, the prospects that have been created for the cryptocurrency industry and, especially, for Bitcoin, for the rest of the month, are quite promising.
Bitcoin analyst PlanB explained on his Twitter account that Bitcoin is still far from reaching its peak, and that it is in a phase of “price discovery,” which could raise its value to $92.000 per unit by the end of the month.
The analyst bases his projections on the technical analysis indicator Relative Strength Index, known as RSI, which is not yet at 95 as seen in previous bitcoin rallies in 2011, 2013 and 2017.
The positive mood in the industry at the moment has also boosted open interest in bitcoin futures to new highs. According to the data According to data from GlassNode, BTC futures open interest has surpassed $27.000 billion for the first time in history. The same provider points out that 78% of the bitcoins in circulation are not accessible for purchase at the moment, so the supply of the cryptocurrency in the markets is low. This behavior is also driving bullish sentiment for Bitcoin and cryptocurrencies among market investors.
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