The total market value of the crypto market just smashed past $1.15 trillion for the first time ever, amid the strong bullish and volatile rally in Bitcoin and other leading Crypto-assets like Ethereum, Stellar, Chainlink, and Cardano.
The Crypto market struck a lifetime high after gaining five times in market value since 2020 as data retrieved from TradingView shows.
That's the combined market cap of all cryptocurrencies. It's also a record high. pic.twitter.com/YJOqB2sska
— TradingView (@tradingview) February 4, 2021
What this means: Crypto analysts have hinted at the incredible demand sighted from crypto traders, trend-following hedge funds, and lately the powerful institutional investors as among the reasons for such record gains.
Crypto assets are flying on stealth mode as the world becomes awash with record stimulus deals triggered by global central banks, using such programs in supporting the global economy.
This incredible feat in the crypto market shows global investors and traders are rushing into digital coins, and hedging against inflation-prone assets like currencies.
- The total crypto market volume over the last 24 hours is $152.17 billion, which makes a 0.47% increase.
- The total volume in DeFi is currently $14.21 billion, 9.34% of the total crypto market daily volume.
- The volume of all stable coins is now $118.92 billion, which is 78.15% of the total crypto market 24-hour volume.
- At the time of drafting this report, Bitcoin’s price is currently $38,031.05.
The past couple of months were all about bitcoin and large-cap assets like Ethereum, Ripple, and Tether attracting more investors. But the narrative has quickly switched as DeFi tokens and other altcoins are riding on the crypto bullish trend.