- Cryptocurrency prices soaring, the entire market’s value over $2 trillion for the first time.
- The Bitcoin price is hovering around $60,000 per Bitcoin.
- The rally is driven by Ethereum and Binance coin has surged over the last year.
- This happens due to a burst of interest in so-called decentralized finance (DeFi).
Cryptocurrency prices are soaring, this has pushed the entire market’s value to over $2 trillion for the first time.
With the bitcoin price hovering around $60,000 per bitcoin, the $2 trillion metaphorical barriers broke by sharp increases in the price of smaller cryptocurrencies. According to data from the crypto price website CoinGecko, these include Ethereum, Binance Coin, Ripple’s XRP, and Litecoin.
Moreover, the bitcoin and cryptocurrency market more than doubled in value this year, raising around $750 billion at the beginning of the year.
Bitcoin makes up more than half of the cryptocurrency market capitalization and has traditionally led the market. It remains by far the most significant cryptocurrency by value,
However, Ethereum and Binance coin drive the latest rally, both cryptocurrencies that have surged over the last year. This happens due to a burst of interest in so-called decentralized finance (DeFi).
Ethereum has hit a new all-time high price over the last week—adding a further 2% today. It is the second-largest cryptocurrency after bitcoin with a total value of around $250 billion,
Binance coin and bitcoin-rival Litecoin, both top ten cryptocurrencies, have added around 10% during the last 24 hours.
XRP, the digital asset developed by the company Ripple, has leaped by 35% over the same period. This growth came following upbeat comments from chief executive Brad Garlinghouse on the company’s legal battle with U.S. regulators that have claimed XRP is a security and illegally sold to investors.
Meanwhile, bitcoin and cryptocurrency traders are feeling optimistic after breaking the $2 trillion barriers. It’s thought this so-called altcoin rally could continue for some time yet.