The overall capitalization of the entire cryptocurrency market has finally surpassed $1 trillion in value just a week into 2021.
As data from Coinmarketcap shows, the entire crypto market is now worth over $1 trillion in value, surpassing a psychological barrier that has long been spoken about in the space.
The push over $1 tln in market cap has been driven in a prolonged bull run for Bitcoin in particular, which is mainly being attributed to major institutional investment in the preeminent cryptocurrency over the past six months.
With a total current market cap of $690 bln, Bitcoin accounts for nearly 70 percent of the entire cryptocurrency market cap. Ethereum has also enjoyed a prolific boom in value over the past few months. It’s current market value at press time is just over $1200 per ETH and the total market cap is around $137 bln.
2017 highs have been well eclipsed
As the chart above shows, the overall crypto market cap has well surpassed previous highs seen at the end of 2017 when Bitcoin soared to it’s infamous high before a spectacular market crash that resulted in a two year bear market.
At the beginning of 2018, the over crypto market cap peaked at around $820bln before correcting well below $200bln in the 12 months that followed.
Bullish sentiment remains
While the world has just ushered in 2021, the boom in the cryptocurrency markets could well continue into the future, according to various cryptocurrency analysts. US investment banking firm JP Morgan released a note to investors tipping Bitcoin to go as high as high as $140,000.
Fundstrat’s Tom Lee also produced a similar prediction for 2021, eyeing a 300 percent appreciation in value of Bitcoin that would take it over $100,000 in the next 12 months. Another renowned analyst, Willy Woo, has also offered a number of insights that suggest a continued bull run in 2020 for Bitcoin.