The entire crypto market cap has finally hit the $1 trillion achievement. In light of this, crypto exchange ShapeShift CEO Erik Voorhees said that it will even take “less than six months” before it doubles the figure.
Crypto Market Cap: $1 Trillion
— Erik Voorhees (@ErikVoorhees) January 7, 2021
As Voorhees said, the crypto market cap took 10 years before hitting this milestone. In fact, it was only in January 2018 that the crypto market reached its highest figure before this current rally.
Many cryptocurrencies are smashing records left and right, and these are generating more hype for the crypto community. Topping the list is Bitcoin, which appears to be setting all-time high (ATH) records every day. At the time of writing, the BTC price is at $37,580.26, according to CoinGecko. It also has a market dominance of 67.6%
Meanwhile, Ethereum is ready to smash its ATH of $1,440. At the time of writing, ETH is changing hands at $1,213.48, according to CoinGecko. In fairness, this is a 9.9% increase.
Aside from the said cryptocurrencies, the DeFi market also hit $20 billion for the first time. This shows that money is flowing into the crypto market. As many experts have pointed out, the current rally is unique because institutional investors are entering the crypto market.