10:43Bitcoin rally takes market cap of over 6,000 cryptocurrencies to whopping new high of $1.24 trillion
The Bitcoin price rally, which topped $40,000 again to hit the $40,664-mark at 10.29 pm GMT on Saturday, as tracked by Coindesk, has helped the market cap of all cryptocurrencies scale to a new record. The combined value of 6,223 cryptocurrencies, as CoinGecko, hit $1.24 trillion on Saturday. The new high came nearly a month after the total market cap scaled to $1.1 trillion on January 10, 2021, after hitting the earlier all-time high of $848 billion on January 6, 2018. The world’s most valuable cryptocurrency Bitcoin traded at $41,973 price on January 8, 2021, as per data from Coin Metrics. It’s since declined below the $41,000 level.
Currently, the market cap of Bitcoin stood at $722 billion, as per CoinMarketCap, far ahead of the $186 billion market cap of the second most valued cryptocurrency – Ethereum, which is currently traded at $1,625. According to Philip Gradwell, chief economist at Chainalysis, bitcoin’s price more than doubled from the $10,000 level in the time new investors enhanced their buying spree. The new demand helped boost the cryptocurrency’s rally to an all-time high.
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