- The cryptocurrency market capitalisation hit an all-time high of US$2 trillion (roughly A$2.62 trillion) on Monday as gains over the last month brought further demand from investors
- The surge was led by bitcoin, which set its own record by holding a total value of more than US$1 trillion (roughly A$1.31 trillion) for one week
- Ethereum was up 1.3 per cent to US$2103 (roughly A$2750) on Monday, valuing it at a total of US$244 billion (roughly A$319 billion)
- Bitcoin has risen more than 100 per cent so far this year, while ethereum has gained almost 190 per cent
According to data from CoinGecko and Blockfolio, the cryptocurrency market capitalisation hit an all-time high of US$2 trillion (roughly A$2.62 trillion) on Monday as gains over the last month brought further demand from investors.
The surge was led by bitcoin, which set its own record by holding a total value of more than US$1 trillion (roughly A$1.31 trillion) for one week, and was last up 1.4 per cent to US$59,045 (roughly A$77,209) after hitting a lifetime peak of more than US$61,000 (roughly A$79,765) in mid-March.
Analysts say that bitcoin will retain its US$1 trillion (roughly A$1.31 trillion) valuation provided it remains above US$53,000 (roughly A$69,304) per coin.
Ethereum — the second largest cryptocurrency by market capitalisation — was up 1.3 per cent to US$2103 (roughly A$2750) on Monday, valuing it at a total of US$244 billion (roughly A$319 billion) after hitting a record of US$2144.99 (roughly A$2805) last Friday.
“Momentum and interest have begun to expand beyond bitcoin and ethereum,” said Paolo Ardoino, chief technology officer at crypto exchange Bitfinex.
“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.”
In a recent research report, blockchain data provider Glassnode said the fact that bitcoin has held such a substantial market capitalisation for one week is a “strong vote of confidence for bitcoin and the cryptocurrency asset class as a whole”.
Bitcoin has risen more than 100 per cent so far this year, while ethereum has gained almost 190 per cent. Both have immensely outperformed traditional asset classes, buoyed by the entry of mainstream companies and prominent investors into the cryptocurrency world, including Tesla and BNY Mellon.