The cryptocurrency market capitalization has hit a new peak of $2 trillion as of Monday (April 5), with numbers from CoinGecko and Blockfolio reporting strong gains as institutional and retail investors pile on, Reuters reported. The crypto market was sitting at $2.02 trillion as of Monday afternoon.
Bitcoin was leading the way as it had a market cap of $1 trillion this week, last up 1.4 percent at $59,045. The crypto has been trading in a somewhat narrow range since hitting a high of $61,000 in March, according to Reuters. So long as bitcoin stays above the $53,000 range, analysts say it should be able to keep up its $1 trillion market cap.
Ethereum was second behind bitcoin, Reuters reported, with the numbers up 1.3 percent at $2,103 and with a market cap of $244 billion on Monday.
Bitcoin has risen over 100 percent this year, and ethereum has gained almost 190 percent. Both of them have outperformed traditional asset classes, a performance which comes with the rise of mainstream companies buying into the crypto world, Reuters reported.
He added that as the industry continues to mature, “we expect more blockchain-based applications to be introduced to the world, and coinciding with that, a surge of interest around other alternative assets… as they become more market-ready,” Reuters reported.
In other news, MicroStrategy has purchased 253 bitcoins for the price of $15 million in cash, a report filed with the Securities and Exchange Commission (SEC). The average price was $59,339 per bitcoin, including fees and expenses.
As of Monday, MicroStrategy now holds around 91,579 bitcoins that had been acquired at aggregate prices of $2.226 billion, with an average purchase price of around $24,311 per bitcoin, the report stated.
MicroStrategy has been a major bitcoin backer and was reported in March to have bought 328 bitcoins for $15 million, according to PYMNTS. MicroStrategy is the world’s largest publicly traded business intelligence company.