Cryptocurrency Economy Crosses $1.1 Trillion Market Cap

The overall market cap reached $1.14 trillion on Thursday, its highest level on record.

The cryptocurrency economy has reached an all-time high of $1.14 trillion after the recent jump in Bitcoin and Ethereum. The crypto market added more than $50 billion in the last 24 hours as Bitcoin jumped above $38,000.

Ethereum, the world’s second-largest cryptocurrency, crossed the $1,600 level for the first time as ETH price recorded a high of $1,690. Ethereum is now up more than 30% in the last 7 days with a total market cap of more than $190 billion.

The recent jump in altcoins pushed the dominance of Bitcoin to its lowest level since 9 December 2020. As of writing, the total market cap of the world’s largest cryptocurrency is hovering around $700 billion. BTC is up more than 5% in the last 24 hours.

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Grayscale, the world’s largest cryptocurrency asset manager, accumulated 47,000 Ethereum and 12,345 Litecoin in the last 24 hours along with 16 BTC and 337 BCH. The total value of Grayscale’s crypto assets under management jumped above $29 billion on Thursday after the recent rally in BTC and ETH.

Altcoins and DeFi Jump

Apart from Bitcoin and Ethereum, cryptocurrency assets like Cardano, Litecoin and Stellar have performed well since the start of 2021. But, the main push came from DeFi tokens. Chainlink (LINK), Uniswap (UNI) and Aave (AAVE) gained more than 100% since the start of this year. Aave is up more than 42% in the last 24 hours. Finance Magnates earlier reported about the recent jump in Aave tokens due to huge cashflows into DeFi. Uniswap is up more than 45% in the last 7 days. The recent jump in DeFi is related to the performance of ETH.

Grayscale has recently published a report on cryptocurrency Ethereum and pointed out the key developments of ETH’s network upgrade. “Ethereum 2.0 will transform Ether from a commodity to what we might describe as a productive commodity, holders will be able to generate interest by staking Ether. This asset structure is unlike anything else in the physical world. Commodities are consumed. Equities provide rights to cash flows. Under Ethereum 2.0, Ether can be consumed as a commodity or staked as a claim on cash flows, similar to equity,” the research report states.

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