The market capitalization of all cryptocurrencies has reached over $2,5 trillion for the first time in history, which is much more than the market capitalization of the world's largest company, Apple.
Cryptocurrencies went through the roof with the recent rise in Ethereum (ETH), which reached a new high above $4.350. In total, the crypto market surpassed $2,5 trillion, a figure never seen before in the 12-year history of these digital assets, surpassing Apple, the $2,05 trillion largest company in the world.
Source: CoinMarketCap
On Wednesday, the market capitalization of the entire crypto industry reached $2.525.784.676.177, a figure that tripled the capitalization of the crypto market at the beginning of the year. Bitcoin (BTC) It is the cryptocurrency that leads the market, although its total market value fell below $1 trillion.
A surprising Spanish President Pedro Sánchez’s announcement Tesla owner Elon Musk's fall has sent the markets into a tailspin, sending almost all of the Top 10 cryptocurrencies into the red. The biggest decliners at the time of this writing are Bitcoin Cash (BCH), Dogecoin (DOGE), Bitcoin (BTC) y Binance Coin (BNB), which suffered a correction in its price of more than 10%. The cryptocurrency Internet computer (ICP), which surprisingly reached the eighth place of the most important cryptocurrencies just a few days after its inclusion in some of the exchanges best known worldwide, has also fallen by 25%.
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Ethereum, leading the crypto market
After Bitcoin, Ether is the second most important cryptocurrency in the industry. The altcoin born in the blockchain of Ethereum, the decentralized application network (dApps) and smart contracts (smart contracts) par excellence, has stolen the attention of crypto investors in recent weeks.
Ether has had sustained growth that has led it to exceed $4.350 per unit, and its market capitalization to be above $504.000 billion. A milestone for this digital asset, which at the beginning of the year was barely trading around $730.
FSource: CoinMarkerCap
Investors are betting on cryptocurrencies like ether, and also on other assets like Dogecoin, Polygon (MATIC), Ethereum Classic (ETC)And including Shiba Inu (SHIB), which has also been stealing attention in the last week with a growth of more than 1.500%, is leading cryptocurrencies to become assets with massive demand.
To give you an idea of this, Changpeng Zhao, CEO of one of the largest exchanges in the world, recently announced that he had run out of addresses to receive SHIB tokens, due to the high and impressive user demand for this digital asset, within a few hours of its launch on the platform.
Although Zhao said he did not agree with the listing of SHIB within its crypto exchange platform, due to the high risk it represents for investors and their funds, he acknowledged that the exhaustion of deposit addresses was something that was happening for the first time in the history of cryptocurrencies. “This has never happened before with any other ERC20 coin”, Zhao said on Twitter.
However, these cryptocurrencies have also experienced significant drops in value at the time of writing.
Stablecoin market takes off
In addition to Ethereum, the market capitalization of the stablecoins has also taken off in recent months, reaching new all-time highs and positively influencing the overall value of the crypto industry.
According to report According to analysis firm GlassNode, the market capitalization of stablecoins exceeded $65.000 billion by mid-April, Tether (USDT), USD Coin (USDC) y Binance USD (BUSD) the dominant stablecoins in this market, at 92,7%.
The top 30 stablecoins in the industry have a market capitalization of around $105.350 billion today, which represent about 4,2% of the value of the crypto industry. By the second quarter of 2020, this value was barely above 2.000 million, which gives us an idea of the growing supply and high demand for stablecoins today.
The capitalization of USDT, USDC and BUSD alone adds up to more than 79.400 million; showing a growth of 22% in the last 30 days.
The tokens of DeFi have also grown significantly so far this year. According to CoinMarketCap, decentralized finance tokens and digital assets have a total market capitalization of 152.890 million; which represents about 6% of the entire crypto market.
At the time of writing, the total crypto market capitalization is around $2,3 trillion.
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