NEW YORK (Reuters) – The cryptocurrency market capitalization hit an all-time peak of $2 trillion on Monday, based on information and market trackers CoinGecko and Blockfolio, as features over the past a number of months attracted demand from each institutional and retail buyers.

FILE PHOTO: Representations of the Ripple, bitcoin, etherum and Litecoin digital currencies are seen on a PC motherboard on this illustration image, February 14, 2018. REUTERS/Dado Ruvic/Illustration/File Photograph/File Photograph

By mid-afternoon, the crypto market cap was at $2.02 trillion.

The surge in crypto market cap was led by bitcoin, which hit its personal milestone by holding the $1 trillion market cap for one complete week. Bitcoin was final up 1.4% at $59,045. Since hitting a lifetime peak of greater than $61,000 in mid-March, bitcoin has since traded in a comparatively slim vary.

Analysts mentioned so long as bitcoin stays above $53,000, it is going to be in a position to keep its $1 trillion market cap.

Ethereum, the second largest cryptocurrency by way of market cap, was up 1.3% at $2,103. Its market cap was $244 billion on Monday, whereas hitting a report excessive of $2,144.99 final Friday.

“Momentum and curiosity have begun to broaden past bitcoin and ethereum,” mentioned Paolo Ardoino, chief expertise officer, at crypto alternate Bitfinex.

“Because the business continues to mature, we anticipate extra blockchain-based purposes to be launched to the world, and coinciding with that, a surge of curiosity round different different property…as they grow to be extra market-ready,” he added.

Blockchain information supplier Glassnode, in a analysis report, mentioned the truth that bitcoin has held the $1 trillion market cap for one week is a “robust vote of confidence for bitcoin and the cryptocurrency asset class as an entire.”

It added that on-chain exercise continues to bolster bitcoin’s strong place, with a quantity equal to over 10% of circulating provide transacting above the $1 trillion threshold.

Bitcoin has risen greater than 100% this yr, whereas ethereum has gained practically 190%. Each have massively outperformed conventional asset courses, bolstered by the entry of mainstream firms and enormous buyers into the cryptocurrency world, together with Tesla Inc and BNY Mellon.

Reporting by Gertrude Chavez-Dreyfuss; Modifying by Aurora Ellis

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