The market capitalization of all cryptocurrencies in existence surpassed $2 trillion on April 5, according to data from Goingecko, led by the impressive growth of Bitcoin (BTC), Ether (ETH) and other altcoins in 2021.
The cryptocurrency market as a whole has become approximately as valuable as Apple, the second-biggest company in the world after Saudi Arabia's oil giant, Aramco.
The milestone also comes less than three months after the cryptocurrency market surpassed $1 trillion for the first time back on Jan. 7 when the price of Bitcoin was around $33,000.
In the last two months, the number of cryptocurrencies with a $1 billion market cap has doubled since the last time Cointelegraph reported on the milestone. As things currently stand, there are 100 projects that have reached a $1 billion market capitalization.
Unicorns are typically privately held startup companies valued at more than $1 billion, but traditional finance is increasingly applying the term to high-value cryptocurrencies that institutions are only now gaining exposure to.
The entrance of institutional investors into the cryptocurrency sector over the course of 2021 has been one of the driving forces of growth for the ecosystem as a whole as multi-billion dollar companies like Tesla, Square and MicroStrategy have converted a portion of their cash reserves into Bitcoin (BTC) and other top altcoins.
More than 10% of Bitcoin’s supply has been moved while its market capitalization has been more than a trillion dollars since March 26, indicating strong support in the middle- and upper-$50,000 price range.
According to Monday’s “Week On-chain” report from on-chain analytics provider Glassnode, Bitcoin (BTC) has enjoyed a $1-trillion market capitalization for more than one week for the first time. “This is a strong vote of confidence for Bitcoin and the cryptocurrency asset class as a whole,” the report said.
Glassnode also noted that 1.98 million BTC have moved on-chain, while Bitcoin’s capitalization has held above $1 trillion, equal to 10.6% of the circulating supply. The report noted the mid-to-high $50,000 range has shown the strongest on-chain support since prices were roughly $11,000:
“Impressively, this on-chain volume has formed one of the strongest on-chain support levels since prices were $11k to $12k.”
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