The total combined market cap of the entire cryptocurrency market breached a major milestone as it surpassed $1 trillion, while Bitcoin set new all time high above $40,000 per coin on January 7.
The total market cap of the combined global cryptocurrency market surpassed $1 trillion for the first time ever on January 7, symbolizing a major milestone for the entire crypto industry.
The rise above $1 trillion comes after Bitcoin (BTC) surged over 300% in 2020 alone, and broke a new all time high on January 7 above the psychological barrier of $40,000. It has taken BTC less than three weeks after Bitcoin passed its previous all time high of $20,000 to reach the new one at $40,000, a 100% increase in price.
Meanwhile, assisting the rally above $1 trillion total market cap for all of crypto, the second largest digital asset, Ethereum (ETH), increased more than 800% over the past 12 months. ETH today has a current market cap exceeding $140 billion.
To put things into perspective, following the corona-related market crash of March 2020, the total market cap for all cryptocurrencies was as low as $132 million, meaning that in less than one year, roughly $900 billion has flowed into the crypto market. Staggering numbers for a provably disruptive technological and financial sector.
The significant rise in Bitcoin, Ethereum and countless other altcoins come as institutional investor interest and confidence in digital assets are reaching new heights, driven by quantitative easing, hedge against fiat currencies and increased mainstream adoption of crypto. Moreover, the growing global instability as a result of the ongoing corona pandemic, both financially and politically, further fuels both institutions and retails’ entry into Bitcoin and crypto in search of a more autonomous, portable and immutable form of money.
The $1 trillion milestone also demonstrates that crypto has taken a step out of the fringe in the eyes of institutional investors, as both Bitcoin and other cryptocurrencies now have the liquidity and volume to support large-scale transactions of many billions of dollars. Having the crypto market be liquid enough to infuse large sums is made even more attractive as lucrative returns and profitability of investment are still very high for hedge funds, institutions, billionaires and publicly traded companies.
Klever & KLV Usage Grows
Klever.io is supporting all major blockchain platforms, including BTC, ETH, TRX, LTC, XRP, BNB, DOGE, DGB and DASH, by providing a safer, faster and smarter cryptocurrency experience with the user’s wants and needs always in mind.
Klever App has witnessed a significant rise in usage over the past month, and over the past 24 hours, Klever has set new records in daily downloads, daily active users, number of swaps and swap volume. It is important to note that since all Klever Swap fees are converted into KLV, a portion of which are burned daily, the more usage Klever witnesses, the more value flow through our main utility token KLV.
As we are set to launch Klever Exchange, Klever Bank, Klever Browser, Klever Blockchain to the Klever Ecosystem in 2021, one should remember that KLV will be the fuel that powers all our current and future products and platforms. You can check out our updated Roadmap at klever.io/en/roadmap, and read our latest Klever Blockchain Whitepaper at klever.finance to get a taste of what’s in store for over 2.1 million Klever users worldwide in 2021.
Director of Communications and Marketing at klever.io