The Cryptocurrency Market Reaches $1 Trillion Again
It is reported that according to CoinGecko data, with BTC approaching $21000 again and ETH breaking through the threshold of $1500, the current total market val
It is reported that according to CoinGecko data, with BTC approaching $21000 again and ETH breaking through the threshold of $1500, the current total market value of encryption is back above $1 trillion, about $1.004 trillion, up 4.6% in the past 24 hours. The 24-hour trading volume is about 61 billion US dollars. At present, BTC accounts for 40.2% and ETH accounts for 18.3%.
The total market value of encryption is back above $1 trillion
Analysis based on this information:
The cryptocurrency market is once again valued at over $1 trillion, with Bitcoin (BTC) approaching $21,000 and Ethereum (ETH) breaking through the threshold of $1,500, according to data from CoinGecko. The market has experienced a 4.6% increase in the past 24 hours which contributes to the total market value of encryption that is now at $1.004 trillion.
Bitcoin, as the leading cryptocurrency, accounts for 40.2% of the market value while Ethereum takes up 18.3%. Despite the market’s instability and unpredictability, the recent upward trend suggests that the cryptocurrency industry is becoming more and more mainstream.
The rise in cryptocurrency prices can be attributed to several factors such as institutional acceptance, increased demand and limited supply. With Bitcoin almost reaching $21,000, it sets a new all-time high for the cryptocurrency. According to analysts, there has been a surge in interest from institutional investors such as major banks and asset management firms. The institutional investors’ newfound interest in cryptocurrency allows for increased trust in the industry, driving the market value.
Furthermore, with the ongoing pandemic, people have shifted towards digital means of payment, one of which is cryptocurrency. The increased demand for Bitcoin and other cryptocurrencies is a reflection of the shift in the mode of payment from physical to digital. Cryptocurrencies serve as a more secure and efficient way of carrying out transactions without worrying about the ongoing pandemic’s physical contact risk.
Lastly, the limited supply of Bitcoin can be attributed to the upward trend in its price. With cryptocurrencies being mined via complex algorithms, only a finite number of Bitcoin can be mined. Bitcoin’s finite supply means that as demand increases, the price tends to appreciate as supply cannot keep up.
In conclusion, the resurgence of the cryptocurrency market shows the industry’s resilience even amidst the ongoing pandemic. With its unstable market, there are still signs of institutional acceptance, increased demand, and limited supply, which drives Bitcoin and Ethereum’s upward trend. Cryptocurrency is shifting towards mainstream use and with its increasing market value, it becomes a more viable mode of payment.
This article and pictures are from the Internet and do not represent aiwaka's position. If you infringe, please contact us to delete:https://www.aiwaka.com/2023/03/13/the-cryptocurrency-market-reaches-1-trillion-again/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
US Encryption Industry Experiences Increase in Lobbying Fees
On February 28, according to the data of OpenSecrets, a non-partisan non-profit organization, the lobbying fee of the US encryption industry reached US $25.57 …
-
Dune API: An Introduction
On April 25th, the blockchain data analysis platform Dune announced that the Dune API is open to all users and will provide more features for free users. Dune also modified the sub
-
Mirror World Rakes in Strategic Investment from Alchemy Ventures Pre A
On April 12th, the Web3 application development platform Mirror World announced that it had received a round of strategic investment from Alchemy Ventures Pre A
-
SyncSwap Website Goes Offline: DDoS Attacks and the Importance of Cybersecurity
On April 11th, according to official Twitter, SyncSwap issued a statement stating that the SyncSwap front-end website was shut down due to DDoS attacks and abnormally high traffic.
-
#Google Announces Merger of Brain’s AI and DeepMind Labs
According to reports, Sun Pichai, the head of Google, announced the merger of Brain\’s AI department and DeepMind Laboratory, which was acquired in 2014, into on
-
The Growing Popularity and Value of ETH 2.0
It is reported that the total number of pledges of ETH 2.0 has exceeded 17.9728 million, which is 17972764. According to the current market price, the value is about 37.864 billion
-
Algorand Foundation Launches the AlgoKit Developer Tool Kit for Building Web3 Applications
It is reported that the Algorand Foundation, the ecological parent company of Algorand (ALGO), has announced the launch of the developer tool kit AlgoKit to bui
-
Stolen BAYC “Sewer Pass # 12097” Sold but Marked as Invalid
According to reports, PeckShield monitoring showed that the stolen BAYC \”Sewer Pass # 12097\” had been sold on OpenSea at the price of 2.34 ETH, but the NFT was…
-
KuCoin Twitter Accounts Hacked: False Activities and Asset Losses
On April 24th, KuCoin, a cryptocurrency exchange, tweeted that Twitter accounts had been attacked and embezzled for about 45 minutes since 06:00 Beijing time on
-
Binance to Conduct Wallet Maintenance on Ethereum Network: What You Need to Know
On April 5th, according to the official announcement, Binance will perform wallet maintenance on the Ethereum Network (ERC20) at 15:00 on April 6th, 2023, which