Global Cryptocurrency Market Cap Surges Past $1 Trillion For the First Time, Bitcoin (BTC) Above $37,000; Altcoins Join The Party
In a massive rally, the overall cryptocurrency market cap has now moved past $1 trillion for the first time in the history of crypto markets. This major rally in the crypto market cap comes on the backdrop of an unprecedented bull run in Bitcoin (BTC) and some of the other cryptocurrencies.
Over the last month, the crypto markets have rallied significantly. From under $600 billion during the start of December 2020, the overall crypto market cap has surged 75% adding another $400 billion.
During the same time, the BTC price has surged nearly 90% hitting its new all-time high above $37,000. The BTC price rally continues to dominate the market surge as institutions make massive purchases at every stage of the price rise.
In the first 6 days of 2021, the BTC price has surged more than 30% from under $30,000 all the way up to more than $37,000. Bitcoin (BTC) has become an dominant force in the financial markets becoming the biggest financial services platform with over $700 billion of market cap.
Many analysts have predicted that Bitcoin price rally can further continue in 2021 on the backdrop of massive money printing by central banks and the rising inflationary pressure. Some have also given six-figure targets for the BTC price to cross $100,000 by the end of this year.
In addition to Bitcoin (BTC), altcoins have also participated in the recent crypto market rally with Ethereum (ETH) leading the show. The ETH price has crossed $1200 levels earlier today and is just short 15% from its all-time high of $1400.
Last year in 2020, ETH was an outperformed to BTC in percentage returns in a year. Even in 2021, ETH continues this trend. While BTC has gained 30% in the last six days, ETH has already registered 60% returns, twice that of Bitcoin (BTC).
Institutional interest in Ethereum (ETH) is significantly building up with all the excitement around the launch of CME Ether Futures next month in February 2021. In addition to ETH, all of the top-ten altcoins have registered significant gains so far in 2021.
Just over the last seven days, altcoins have added more than $100 billion to the overall cryptocurrency market cap. But in the same period, the Bitcoin (BTC) market cap has surged by more than $150 billion. This clearly goes to show the dominance that Bitcoin enjoys in the crypto space.