The crypto bull market seems to show no sign of ending as the 2021 total market capitalization is now valued at a massive $1.13 trillion sending investors into a frenzy.
A news post on cointelegraph stated that today’s combined value of the cryptocurrency market is more than $1.1 trillion. The barrier was broken at 8:50 a.m. UTC on February 4th, 2021. Market analysts have always kept an eye on bitcoin’s ability to gobbling up the gold market share price.
If it runs in this manner, then it can happen in just a matter of time. For now, the total combined market capitalization is slightly less than the market cap of silver. Today silver, a precious metal, stands at under $1.5 trillion.
Crypto Dads Latest News offers you with the latest in the bitcoin market had this to tweet about the crypto market cap reaching an all-time high of $1.13 trillion.
The $1 trillion market capitalization was broken in January this year, 2021. The crypto market is witnessing a colossal distribution of the two top assets in the crypto market, which is BTC and ETH.
January 7, this year 2021, saw it cross the $1 trillion milestone. On that day, the bitcoin was at 69% and Ethereum at 13.5%. According to data received from CoinMarketCap, BTC was able to dominate at 62.2% ETH share that stood at just a little more than 15.6%.
However, analysts are quite surprised at the strength of ETH market share. It is a good sign performing well in the market. It was able to score an all-time high of $1,650 on February 3rd, 2021.
The same day saw Bitcoin down slightly more than 60%, that is not worrying. As of now, Ethereum is more than 6% standing at $1,623. BTC is at a healthy $37,142. Additionally, the surge in ETH price also sees an increase in the fees of gas.
The price can knock-out DeFi protocols. Vitalik Buterin and Eric Conner have proposed a fee and burn mechanism for ETH. Investors think that if the move is gone ahead with, it may generate a positive feedback loop for ETH price.