Crypto market soared and Bitcoin holding near $59k

Bitcoin holding near $59k

The total market value of cryptocurrencies pushed past $2 trillion on Monday, doubling in two months amid demand from both institutional and retail investors. 

The crypto market surge was led by Bitcoin, which holds its $1 trillion market cap for a week. Bitcoin was last up 1.4% at $59,045. Bitcoin has traded in a relatively narrow range since its hit of $61,000 lifetime peak in mid-March.

Ethereum, the second-largest cryptocurrency in terms of market cap, was up 1.3% at $2,103. Its market cap was $244 billion on Monday. It hit a record high of $2,144.99 last Friday.

Based on the data from Messari, we noticed that the crypto surge has allowed altcoins to seize the market leadership. Ether (ETH) along with BitTorrent (BTT), Xrp (XRP), Tron (TRX), and Stellar (XLM) have all logged double-digit percentage growth in the past 24 hours.

According to Paolo Ardoino, chief technology officer at crypto exchange Bitfinex, market momentum and interest have begun to expand beyond Bitcoin and ethereum.

Blockchain data provider Glassnode, in a research report, said the fact that Bitcoin has held the $1 trillion market cap for one week is a “strong vote of confidence for Bitcoin and the cryptocurrency asset class as a whole.”

As Bitcoin advanced, Grayscale Bitcoin Trust, a $35 billion publicly listed investment vehicle that holds Bitcoin, said it plans to convert the trust to an exchange-traded fund on Monday.

Bitcoin advanced Monday after Last week, Coinbase Global Inc., the largest U.S. cryptocurrency exchange, said it’s planning for its shares to start trading later this month on the Nasdaq following a direct listing.

Damon Harrison
Market Analyst, IPG Group