Bitcoin and Ethereum Dominate Crypto Market Cap's $1 Trillion Value
Key Takeaways
- The total market cap of the cryptocurrency industry has hit $1 trillion for the first time.
- Bitcoin and Ethereum still dominate, accounting for over 80% of the market value.
- Cryptocurrencies are now on a par with the giants of Big Tech in market cap terms.
The cryptocurrency industry is now valued at over $1 trillion. Bitcoin and Ethereum hold roughly 80% of the market cap dominance.
Crypto Market Cap Hits 12 Figures
The cryptocurrency space has hit a value of $1 trillion. It’s the first time the milestone has ever been reached.
The industry’s total market cap crossed 12 figures after a 9.5% price rise, according to CoinGecko. The valuation is $1,024,489,603,730 at the time of writing.
Of the $1 trillion value, two blockchains account for the vast majority: Bitcoin and Ethereum.
The original cryptocurrency, which is still the most popular project in the space, currently holds 67.75% of the market cap dominance. Bitcoin has been registering new record highs regularly since breaking $20,000 on Dec. 16.
Earlier today, it was trading at a high of $37,809.
Ethereum has also been a point of discussion for those watching the space closely—yesterday, it hit $1,200 for the first time in three years after a parabolic run in the days prior. It’s now only 18% short of its all-time high price, recorded in January 2018.
Beyond the two best-known cryptocurrencies, other prominent coins have been making notable gains over the last few days. Stellar (XLM) has seen a 168% price increase in the last week.
Essential DeFi projects Maker (MKR) and Synthetix (SNX) have risen 86.9% and 67%, respectively. Meanwhile, Dogecoin (DOGE), a coin often described as a meme that’s become an ironic favorite of Elon Musk, is up 115.6%.
At $1 trillion, the cryptocurrency space’s total market cap is on par with some of the world’s largest companies. There are currently four U.S. companies worth over $1 trillion today—Big Tech giants Apple, Microsoft, Amazon, and Alphabet.
As is often the case in a cryptocurrency bull market, there’ll undoubtedly be questions over whether such a valuation is sustainable. During the 2017 bull run, Ethereum’s creator Vitalik Buterin posted a now-famous tweetstorm suggesting that he was uneasy with the rising value of cryptocurrencies when the total market cap hit $0.5 trillion.
“How many unbanked people have we banked,” he asked.
But with the likes of JPMorgan calling for a six-digit Bitcoin amid ongoing institutional interest, a multi-trillion dollar market cap could soon be on the horizon.
Disclosure: At the time of writing, the author of this feature owned ETH and SNX. They also had exposure to MKR and SNX in a cryptocurrency index.
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