TL;DR Breakdown
- Crypto market cap now stands at over $1 trillion
- The industry could be valued at $2 billion in the next six months
The total crypto market cap has just crossed a major milestone and is now worth over a whopping $1 trillion. This is according to data obtained from Coinmarketcap, which indicates that the market had seen a 10% increase in the last 24 hours.
This means that the crypto industry is now a tenth of the gold market cap that stands at $10 trillion. The crypto industry has kept growing in leaps and bounds since the beginning of the year. Bitcoin and other crypto-assets have kept performing well, with many of them reaching new all-time highs (ATHs).
According to the available data, Bitcoin contributes a major quota in the market cap of the industry. This leading crypto-asset has over $720 billion in its market cap, while the closest challenger, Ethereum also has over $140 billion in its capitalization.
Other crypto assets like Tether, XRP, Litecoin, Cardano, Bitcoin Cash and others also contributed their quota into making the crypto market cap rising to its new ATH.
Crypto market cap will get to $2 Trillion in 6 months – Erik Voorhes
Erik Voorhees of ShapeShift has predicted that the crypto market cap would get to $2 Trillion in the space of the next six months. According to him, though it took the industry ten years to get to the current level, it will take considerably less time for the market to hit its next trillion.
Josh Rager, a crypto analyst, noted that there is still the possibility of the market cap moving up, especially as more people begin to adopt Bitcoin and other crypto-assets.
The two analysts might have taken into consideration the increased level of institutional adoption of crypto-assets which helps to keep pushing the price of these assets higher.
Bitcoin alone in 2021 has broken countless numbers of its ATH. At the time of writing, the asset has broken the $39k level, and analysts are already predicting that the coin’s value will reach $43k.
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