The market value of digital currencies reached $ 2 trillion for the first time. The rise in the price of bitcoins, and consequently the pennies, has pushed the market value of digital currencies to over $ 2 trillion.
to the Report The total market value of digital currencies topped $ 2 trillion on April 5, according to Goingecko. The dramatic rise in the price of bitcoin and the price of Ethereum and other pennies in 2021 has caused this to happen.
The market value of digital currencies is almost equal to that of Apple. Saudi Arabia-owned oil giant Aramco is the world’s first company in terms of market value, with Apple second on the list.
The market value of digital currencies exceeded $ 1 trillion for the first time on January 7 (December 18, 1999). At the time, Bitcoin was priced at about $ 33,000. In fact, it took less than three months for the digital currency market to reach $ 2 trillion.
Will Ethereum and Alt Quinas continue to rise?
In recent months, several stimulus factors have helped Bitcoin and Ethereum to reach a strong uptrend and reach new historical heights.
Financial institutions such as PayPal and Visa began actively supporting digital currencies with bitcoin leading the market.
Bitcoin has undergone several price corrections in 2021, but for almost a month now it has remained above $ 50,000. Bitcoin, with small fluctuations compared to altcoins, has prevented Ethereum and other altcoins from experiencing severe backlash.
The price of Bitcoin has been stabilizing between 55 and 60 thousand dollars over the past few days, and this has caused the price fluctuations of Bitcoin to reach the lowest level since November 2020 (November 99).
During the same period, the price of Ethereum, unlike Bitcoin, has been on the rise, reaching a new record above $ 2,000.
A trader nicknamed Rekt Capital attributed Ethereum’s strong performance to stabilizing bitcoins below $ 60,000. He wrote about this on Twitter:
Bitcoin is still stabilizing in this price range. This consolidation helped Ethereum reach new historical heights with a sudden increase. Undoubtedly, Ethereum is leading the market, while Bitcoin is trying to make up for its backwardness. A good sign is that the Orange Resistance (which you can see in the image below) is trying to get the bitcoin through this stage.
Fund managers and digital currency market investors are generally optimistic about the short-term and medium-term outlook for digital currencies. Jonathan Habicht, who works for Moonrock Capital, said:
I know a lot of people who are waiting for Bitcoin, Ethereum and other major penny positions to rise during the bigger downturns, and certainly many more. The bear market is not a predictable option for the future.
The short-term outlook for the digital currency market for April and next summer will remain very optimistic, as long as the strength of the Bitcoin / Ethereum currency pair is not damaged and Bitcoin does not face major sales.
The public offering of Quinn Base boosts market sentiment
On April 2, Coin Base, the largest digital currency exchange in the United States, announced that the S-1 (S-1) Securities and Exchange Commission had approved the company.
The Coin Base is expected to be listed on the Nasdaq on April 14. This makes Coin Base a public company in the United States stock market. The company has announced in this regard:
We are pleased to announce earlier today that the Securities and Exchange Commission has announced that there will be no application for admission to the stock market, and we expect the direct listing of Coin Bass on April 14 in Class A of the Nasdaq public stock market under the symbol COIN.
The listing of Quinbase on the US stock market is likely to increase demand for digital currencies; Because it attracts the attention of investors in the traditional financial market.
Depending on the performance of the stock, this could trigger tokens such as Baines Coin (BNB), FTT, Hubby Token (HT), SUSHI, UNI and other currencies, which reflects this. Acceleration is the COIN indicator.
At the same time, some analysts believe that the public offering of CoinBase shares may cause major fluctuations in the digital currency market, as the public offering date is the same as the large expiration date of Bitcoin options. However, these analysts believe that this fluctuation will not lead to lower prices.