The total market value of all cryptocurrencies rose above $1 trillion for the first time on Thursday as Bitcoin surged to a record high, according to data by crypto coin trackers CoinMarketCap and CoinGecko. Bitcoin has jumped more than 900% to $38,655 on Thursday, from $3,850 in March, as the governments increase speeding to blunt the economic impact of the coronavirus. This has raised fears about rising inflation and US dollar debasement. The cryptocurrency is also gaining traction with more mainstream investors who are increasingly convinced that Bitcoin will be a long-lasting asset, and not a speculative bubble as some analysts and investors fear. The market cap of all cryptocurrencies rose 10% to $1.042 trillion on Thursday, data from CoinMarketCap shows. Bitcoin accounts for around 69% of the total market cap of the total. It is followed by Ethereum with a 13% share.
Published in The Express Tribune, January 8th, 2021.
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