The market value for cryptocurrency went above USD2 trillion (around Php97 trillion) for the first time, thanks to big companies embracing digital assets.
As per crypto data tracker CoinGecko, the market capitalization for cryptocurrency have reached a milestone last Monday evening, which led to USD1.99 trillion come Tuesday morning.
This essentially puts cryptocurrency on a similar level to big publicly traded companies like Apple in terms of value — companies that have reached the USD2 trillion market cap in the previous years.
As per Brock Pierce, crypto entrepreneur and Bitcoin Foundation chairman, the crypto market makes the greatest wealth transfer in history. He added that the underlying technology is remarkable, but the “power and influence associated with $2 trillion of wealth being in the hands of new people, we have never seen the influence be in the hands of the ‘new powers that be,”
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Thanks to companies joining the crypto bandwagon, the crypto market has roughly doubled in only about two months. Big names like PayPal and Moran Stanley announced that they would be adopting crypto on their services.
Currently, the biggest cryptocurrency is Bitcoin, which is worth about USD1.1 trillion (around Php53.4 trillion) or USD57,871 (Php3 million as of writing) per coin. However, the recent spike came from Ether, the second-biggest digital coin in terms of market value. Its price surged by 181% this year.
Via: New York Post