Cryptocurrency Market Exceeds $1 Trillion USD Market Cap for the First Time Ever

January 7, 2021

Bitcoin continues to chug along today peeking at nearly an 11% gain on the day earlier this morning. The price is currently testing $50,000, but you won’t hear bullish cryptocurrency investors complaining in the least. That’s because today marks the first time ever that the market capitalization of all projects combined is exceeding $1 trillion USD ($1.37 trillion Canadian).

During the last Bitcoin bull run in 2017, it would’ve been hard to fathom that in the first week of 2021, the financial value of cryptocurrencies would be this high.

While now, it appears the altcoin market is finally catching up.

Ethereum Breaks $1,500 Canadian

Ethereum is currently flirting with the $1,600 mark after increasing in value more than 110% in the last 14 days, and more than 65% over the last week. After watching Bitcoin rise dramatically while sitting back a bit, it’s safe to say that Ethereum has caught up.

Stellar Sees 159% Increase in One Week

Given the founders and several prominent figures associated with Ripple’s XRP token are in hot water with the SEC, it makes sense that investors would move their capital over to Stellar. Like XRP, Stellar facilitates high volume transactions between central banks and money service businesses. But unlike XRP, Stellar is completely decentralized and not backed by a private entity.

Dogecoin Rises from The Ashes With 119% Gain in Seven Days

Dogecoin is the ultimate meme coin. It was created just for fun in 2013 and tends to increase in value only when it’s associated with some sort of viral trend. At the moment, it’s rising in value simply because teenagers on the social media platform TikTok decided to see if they could inflate the price to one dollar per coin. It’s currently only at one-hundredth of a penny per coin, but if you are holding it just for fun then you must be having a good time earning a big return right now.

Other Altcoins Driving up the Industry’s Overall Market Capitalization

Altcoins currently on a run in the DeFi space include derivatives tokens like Synthetix Network, lending platforms like Aave, and yield farming tokens like Yearn.Finance, which has seen a 45% jump in value in just the last 24 hours. When everything is peachy in the market, yield farming activity tends to increase. This is nothing new.

Why Now Is the Time to Start Your Long-Term Bitcoin Investing Journey

Nobody can tell you when the current bull run is going to end. But what is obvious is that institutional investing in the crypto space will continue and someday we’ll all look back on January 7, 2021 and think of a $1 trillion crypto industry as small. That’s why you need to register at Netcoins as soon as you can.

For now, we celebrate this milestone together. All hail cryptocurrency!

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