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Bitcoin And Crypto Market Smashes Through $2 Trillion As The Price Of Ethereum, Binance Coin, Litecoin And Ripple’s XRP Suddenly Soar

Bitcoin And Crypto Market Smashes Through $2 Trillion As The Price Of Ethereum, Binance Coin, Litecoin And Ripple’s XRP Suddenly Soar
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Bitcoin and cryptocurrency prices are on the rise, pushing the value of the entire cryptocurrency market above $2 trillion for the first time (although some believe that an upward trend may have just begun).

With the price of bitcoin hovering around $60,000 per bitcoin, the psychological barrier of $2 trillion has been broken by sharp increases in the price of smaller cryptocurrencies such as Ethereum, Binance, Ripple’s XRP and Litecoin, according to data from crypto price website CoinGecko.

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The value of the bitcoin and cryptocurrency market has more than doubled so far this year, rising from around $750 billion at the start of the year. Bitcoin, the largest cryptocurrency by value, accounts for more than half of the cryptocurrency market cap and has traditionally led the market.

However, the recent rally has been driven by Ethereum and Binance, both cryptocurrencies that have surged over the past year due to increased interest in so-called decentralized finance (DeFi). Ethereum, the second largest cryptocurrency after Bitcoin with a total value of around $250 billion, hit a new all-time high over the past week — adding another 2% today.

Binance and Bitcoin rival Litecoin, both of the top ten cryptocurrencies, have each added about 10% in the past 24 hours.

XRP, the cryptocurrency developed by Ripple, jumped 35% over the same period after optimistic comments from Ripple CEO Brad Garlinghouse about the company’s legal battle with US regulators who claimed that XRP was a security and was being sold illegally to investors. Ripple is preparing for a major discovery session with the Securities and Exchange Commission (SEC) on Tuesday.

Meanwhile, bitcoin and cryptocurrency traders are feeling positive after breaking the $2 trillion barrier and believe this so-called rally for the digital currency may continue for some time now.

“I expect a continuation of the bullishness in the coming weeks, with bitcoin lagging,” says crypto trader and economist Alex Krueger, speaking on Telegram. “The problem with this market is that leverage easily goes up when bitcoin goes up. This is a headwind.”

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Other crypto-market watchers are similarly optimistic, although the $2 trillion mark break had a muted reaction after a run that saw several barriers broken.

“It’s a fun milestone to celebrate, but as we know, it’s completely meaningless,” says Matty Greenspan, founder of market analyst Quantum Economics, who is optimistic despite the massive gains in cryptocurrencies this year. “The cryptocurrency market will continue to grow and more non-crypto-related markets will switch to digital assets. It is a very good time for the industry.”

The rise of Bitcoin and cryptocurrency was sparked in October by PayPal news

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Its platform will open up to bitcoin and a handful of other cryptocurrencies, sparking a wave of institutional investment in the crypto space. Meanwhile, billionaire Telsa Elon Musk whipped retailers into a frenzy with his pro-Bitcoin tweets, setting the market on fire when it was revealed that Tesla added $1.5 billion worth of bitcoin to its balance sheet.

The Bitcoin and cryptocurrency community is now celebrating what they see as the normalization of blockchain-based technology.

“With the cryptocurrency market cap exceeding $2 trillion, it is important to note that momentum and interest is beginning to expand beyond bitcoin and ethereum,” said Paolo Ardoino, chief technology officer of BVI-based Bitfinex. In the comments via email.

“As the industry continues to grow, we expect to introduce more blockchain-based applications to the world and, concurrently, increased interest in other alternative assets, digital applications, and ecosystems as they become more market-ready.”

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