The rise in the price of bitcoin and alternative digital currencies brought the total value of the crypto market to the level of $ 2 trillion.
When comparing this total value with many companies and banks, we find it outperforms it, sometimes collectively.
Mr. Jim Bianco of Bianco Research indicated that the total market value of the crypto market has exceeded the value of the S&P Composite 1500 Banks Index, which tracks the performance of publicly traded banking institutions in the United States of America.
The cumulative total market capitalization of the cryptocurrency market exceeded $ 2 trillion for the first time yesterday, April 5th.
Bianco attributes this achievement to digital currencies, whose market share is now nearing its highest level in two years amid a continuous rise in digital currencies.
The researcher “Bianco” believes that the crypto market has more room to expand despite the tremendous gains achieved, as he indicated the following statement:
Alternative digital currencies reached 70% of the total value of the cryptocurrency market in 2018 (Ethereum took the lion’s share).
Then the bubble burst, which indicates that altcoins are not overrated against Bitcoin.
Ethereum and decentralized finance has room for growth to go about.
Despite its decline in dominance, the market value of Bitcoin alone is still now greater than GBMorgan Chase, Bank of America and Wells Fargo combined.
A year ago, the total market value of the entire cryptocurrency market was smaller than the market value of GB Morgan, the largest US bank.
The total market value of the crypto market reached $ 2 trillion, which also equals the total value of “Apple”.