- The cryptocurrency market cap has crossed $1 trillion
- This incredible milestone has been driven by Bitcoin, which has helped drive money into the space
- The cryptocurrency market is now closing in on the silver market
The cryptocurrency market cap has crossed $1 trillion in value less than a year after it bottomed out at $108 billion. Driven by institutional demand for Bitcoin in 2020, this incredible statistic shows that far from being dead and buried as many have claimed in the past, the cryptocurrency market is more alive than it has ever been, with 2021 being the year it crossed this remarkable threshold.
Total Value has Doubled Twice in 10 Months
The cryptocurrency market cap has been on an absolute tear since the March 2020 crash, where the market cap dropped to $148 billion. Ignoring the portents of doom from the likes of Peter Schiff who said that the crypto market was finally dead and buried after Bitcoin crashed 51%, the crypto market rebounded spectacularly, doubling in value by mid-July and again by December:
Not satisfied, it is on course to double in value yet again in the very near future, taking it over $1 trillion in value as it does. It is already closing in on the market cap of silver ($1.45 trillion), and reaching the $1 trillion milestone has made it worth 1/10 of the gold market cap.
Cryptocurrency Market Cap Has Gold in its Sights
Incredibly, in the last two weeks alone the cryptocurrency market cap has gone from $467 billion to hit $965 million yesterday, during which time Bitcoin has been hitting continual new highs while Ethereum has pushed past $1,000:
Seeing the cryptocurrency market cap pass the $1 trillion marker is a huge moment for the crypto industry and will really solidify it as a major player in the investment space. This year it has already usurped Alibaba, Tesla, and Facebook in terms of market cap and has sights in Alphabet and Amazon.
Despite crossing this benchmark, many prominent crypto adopters see a much bigger prize – the Winklevoss twins see the cryptocurrency cap eventually bypassing that of gold. This really would be a feather in the cap for the nascent industry which was worth just $17 billion four years ago: