Crypto market cap surges to record $2 trillion, bitcoin at $1.1 trillion
Reuters | Apr 06, 2021 12:25 AM EDT
A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken (Photo : REUTERS/Dado Ruvic/Illustration/File Photo/File Photo)
The cryptocurrency market capitalization hit an all-time peak of $2 trillion on Monday, according to data and market trackers CoinGecko and Blockfolio, as gains over the last several months attracted demand from both institutional and retail investors.
By mid-afternoon, the crypto market cap was at $2.02 trillion.
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The surge was led by bitcoin, which hit its own milestone by holding at a $1 trillion market cap for one week. Bitcoin was last up 1.4% at $59,045. Since hitting a lifetime peak of more than $61,000 in mid-March, bitcoin has traded in a relatively narrow range.
The total market value of cryptocurrencies pushed past $2 trillion for the first time, doubling in about two months amid surging institutional demand.
Bitcoin, the largest of the more than 6,600 coins tracked by CoinGecko, is worth more than $1 trillion alone after its price more than doubled in 2021 to $58,858. The five next biggest coins Ether, Binance Coin, Polkadot, Tether and Cardano have a combined value of about $422 billion.
Bitcoin has been on a tear as institutional investors dabble in crypto as a way to boost returns on cash in a world of near-zero interest rates. Tesla Inc. poured $1 billion of its reserves into Bitcoin and began accepting it as payment for cars. Morgan Stanley is allowing some of its wealthiest clients to add the token to their portfolios, while firms from Mastercard Inc. to PayPal Inc. have taken steps to embrace Bitcoin.
Grayscale ‘100% Committed’ to Making Biggest Crypto Fund an ETF With its current level of assets, GBTC would rank among the 30 largest U.S. ETFs and as the second-largest commodity ETF behind State Street’s SPDR Gold Shares fund (GLD), which has about $57 billion.
Katie Greifeld | Apr 06, 2021
(Bloomberg) The company behind the world’s largest cryptocurrency trust intends to flip it into an exchange-traded fund as soon as U.S. regulators allow.
Grayscale Investments LLC is “100% committed” to converting the $39 billion Grayscale Bitcoin Trust (ticker GBTC) into an ETF, the company said in a blog post Monday. While the Securities and Exchange Commission has yet to approve the structure, several issuers have filed applications in recent weeks after North America’s first Bitcoin ETFs began trading in Canada in February.
Grayscale Bitcoin Trust Assailed by Investor as Discount Grows
An activist family office that owns shares in Grayscale Bitcoin Trust is demanding a tender offer to boost prices that have fallen about 8% below the value of the digital assets it holds. As of March …
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