The central theses
- The total market cap of the cryptocurrency industry has hit $ 1 trillion for the first time.
- Bitcoin and Ethereum still dominate and account for over 80% of the market value.
- Cryptocurrencies are now on par with big tech giants in terms of market capitalization.
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The cryptocurrency industry is now worth over $ 1 trillion. Bitcoin and Ethereum hold around 80% of the market capitalization dominance.
Crypto Market Cap reaches 12 numbers
The cryptocurrency space has reached $ 1 trillion in value. It is the first time that the milestone has been reached.
Source: CoinGecko
According to CoinGecko, the industry’s total market cap was 12 numbers after a price surge of 9.5%. The valuation at the time of writing is $ 1,024,489,603,730.
Of the $ 1 trillion worth, two blockchains make up the vast majority: Bitcoin and Ethereum.
The original cryptocurrency, which is still the most popular project in the field, currently holds 67.75% of the market cap dominance. Bitcoin has made new record highs on a regular basis since breaking $ 20,000 on December 16.
Today it traded at a high of $ 37,809.
Ethereum was also a discussion point for those closely watching the space – yesterday it hit $ 1,200 for the first time in three years after a parabolic run the days before. It is only 18% below its all-time high that was recorded in January 2018.
In addition to the two most famous cryptocurrencies, other major coins have made remarkable gains in the past few days. Stellar (XLM) saw its price rise 168% over the past week.
Major DeFi projects Maker (MKR) and Synthetix (SNX) increased by 86.9% and 67% respectively. Meanwhile, Dogecoin (DOGE), a coin often referred to as a meme and which has become an ironic favorite of Elon Musk, is up 115.6%.
At $ 1 trillion, the cryptocurrency space’s total market cap equals some of the world’s largest companies. There are currently four US companies valued at over $ 1 trillion – the big tech giants Apple, Microsoft, Amazon, and Alphabet.
As is often the case in a bull market for cryptocurrencies, there will no doubt be questions about whether such a valuation is sustainable. During the 2017 bull run, Ethereum creator Vitalik Buterin posted a now famous tweetstorm that indicated that he was dissatisfied with the rising value of cryptocurrencies when total market capitalization hit $ 0.5 trillion.
“How many people without bank details have we deposited?” He asked.
The market capitalization for Cryptocoins was only 0.5 million USD today. But did we * deserve * it?
– vitalik.eth (italVitalikButerin) December 13, 2017
Given that JPMorgan is calling for a six-digit bitcoin amid ongoing institutional interest, it could soon see a market cap of several trillion dollars.
Disclosure: At the time of writing, the author held that role on both ETH and SNX. They were also exposed to MKR and SNX in a cryptocurrency index.
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