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Global Cryptocurrency Market Cap Inches Closer To $1 Trillion Milestone

Over the course of the last 24 hours, the entire cryptocurrency market capitalization has grown significantly to new highs. The crypto market cap has crossed the figure of $900 billion and recorded a new milestone. With this achievement, the global cryptocurrency market capitalization has come closer to registering another milestone of $1 trillion.

On the 6th of January, the digital currency market cap spiked high to reach the figure of $980 billion by gaining more than $130 billion within the duration of just one day. As of the press time, it has slightly decreased down and is standing at around $944 billion, according to the data from CoinMarketCap. It has happened for the first time in the history of cryptocurrencies that the total crypto market cap reached this level.

Now, it is pretty close to hitting the significant milestone of $1 trillion as it is only nearly $50 billion away from reaching this milestone. Bitcoin (BTC), the world’s most famous digital currency is standing on the top of the list in terms of market capitalization. At the time of writing, the market cap of Bitcoin is revolving at around $641 billion. The market share of the world’s second-largest digital currency Ethereum (ETH) is $129 billion.

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The global crypto market was able to come closer to the $1 trillion as the top-ranked digital currency recorded another all-time high value today on the 6th of January. The price value of the coin jumped above the mark of $36,000 and went as high as $36,361 which is the new all-time high value for the top digital asset, as per the data from CoinMarketCap.

Though Bitcoin’s impressive price rally is the main factor that has driven the growth of the global digital currency market cap, the role of the world’s largest altcoin Ether is also significant in this case. Ether has also contributed to this market cap growth by posting a potential rally over the course of recent times. Reportedly, the price value of ETH has surged high to the $1150 level around where it is currently trading at the moment. Moreover, Ether’s market cap has surged by more than 60 percent over the course of the past seven days. With this performance, ETH is currently the top-performing altcoin in the crypto market.

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MubaShar Nawaz (United Arab Emirates)

MubaShar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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