Crypto Space’s Market Cap Moving Close To The $2 Trillion Mark
The digital asset space has been growing immensely in the past few days, which has helped the asset reach new highs. While these highs are far from their peaks, it shows that the market is growing and has a lot of growth potential. A few months ago, the industry celebrated hitting the $1 trillion mark. Currently, the market has added significant gains taking the market close to $2 trillion. Earlier this week, the cap had dropped to around $1.6 due to the declining digital asset prices, but now, growth is evident as assets have surged and are looking to take a $2 trillion peak, showing that the sector is grooming.
Digital assets show signs of recovery
Digital assets are recovering from previous weeks of continuous losses, meaning that they are looking very bullish. Institutional investors are the biggest reason for this growth, and sources believe that the positive outlook is long-term. The industry had around a 5% gain since yesterday, and this has taken the sector from $1.7 trillion to $1.8 trillion.
This news excites the digital asset space as they expect the cryptos surge, taking the market above the $2 trillion market cap. Interestingly, the industry’s peak is around $1.85 trillion, meaning that the sector might soon retake its previous position on its way to attaining a more significant price mark.
The new price growth is competing with gold’s heavy cap, with the former appreciating within shorter intervals than the latter. Currently, the digital asset space has around 25% of the yellow metal’s cap, which is a huge difference from February’s 20%. This shows that digital currencies are becoming highly competitive and can overtake gold as the world’s preferred value store.
Bitcoin is the biggest gainer amongst all, with the asset gaining around 5% overnight. The king coin is amongst institutional investors’ favorite assets, especially with Meitu’s newest purchase. The Chinese company bought around $49 million worth of Bitcoin and Ethereum.
Meitu’s extensive crypto purchase
The firm has previously purchased digital assets, making the space happy with Bitcoin’s adoption in China. Many believe that the app company can change other China-based firms’ opinions regarding cryptocurrencies, making the government have a crypto-friendly outlook.
Another big name in the business sector is Morgan Stanley, a prominent US bank. The bank is one of the first to give customers access and exposure to digital assets. The bank targets mainly institutional investors, as it requires bulk purchases.
This news pumped Bitcoin at an unexpected rate, while the rest of the industry saw similar gains. Ethereum’s gain was around 2%, making the top altcoin’s value stabilize around the $1,800 mark. Another big gainer is the Cardano, as the crypto keeps pumping at regular intervals. The project is one of the industry’s most successful projects as it continues recording significant highs with the latest developments.
Wall Street investors have also seen significant gains, especially with the government’s decision to buy assets. Stocks have seen more gains in the last few days due to the government’s input.
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