The entire cryptocurrency market is more valuable than Apple, which ranks second with USD 2.1 trillion. The market capitalization of Ethereum’s cryptocurrency Ether surpassed USD 500 billion.
In recent days, the value of the overall cryptocurrency market exceeded USD 2.5 trillion. The total value invested in cryptocurrencies now stands above this milestone. The market capitalization of Bitcoin (BTC) remains above USD 1 trillion, and that of Ether (ETH) is flirting with USD 500 billion.
On May 10th, the market had momentarily reached USD 2.5 trillion. However, both ETH and BTC are now in green numbers and seem to be driving the rest of the market higher.
According to data from CoinMarketCap, the total value of the market has tripled so far in 2021. In January, the total capitalization was just above USD 770 billion. The growth has been so dramatic that BTC alone has surpassed that figure to this day.
The Market Value of Bitcoin and Ether Exceeds That of Google
The current market capitalization would only allow gold to have more value than all cryptocurrencies put together among the most valuable assets. According to data from CompaniesMarketCap, Apple currently occupies second place in that ranking, with USD 2.1 trillion.
Although all cryptocurrencies have made it possible to reach the milestone, the truth is that this market has a clear protagonist. Bitcoin and Ether alone would already have more value than Google on that list, where they would occupy sixth place.
Although there are currently more than 9,000 cryptocurrencies in circulation, most of the total value is in just a handful of them. The top 10 cryptocurrencies on the market share 80% of the market capitalization.
Bitcoin Consolidates as a Store of Value Amid the Altcoin Season
Bitcoin remains above USD 1 trillion and its momentum this year has led to the arrival of this milestone for the market. For that reason, the first cryptocurrency seems to be increasingly consolidated as a store of value, not only among large investors.
There has been a sustained trend to save small fractions of BTC over time, according to data from Glassnode. That way of saving BTC is commonly known as “stacking sats” or satoshis, the smallest fraction of Bitcoin.
A recent chart from Glassnode indicates that more than 5% of the total supply of Bitcoin in circulation is at addresses with less than 1 BTC. Besides, that number has not stopped growing as a reflection of the savings that even the possession of small amounts represents.
Bitcoin continues to lead the market capitalization even amid the “altcoin season”. Most of the top 50 cryptocurrencies have outperformed BTC in percentage terms in recent months.
While the dominance of ETH is close to 20% of the market, that of BTC is above 40%. However, Willy Woo believes that investors’ capital can flow back from altcoins to BTC. Furthermore, he predicts that there may be new all-time highs in this market cycle.
By Alexander Salazar