Monday, March 8, 2021

The crypto market cap jumps over $1.5 trillion, crosses Australia’s GDP.

The Takeaway:

The cryptocurrency market jumped above $1.5 trillion today after the recent rally in Bitcoin and Ethereum as it crossed the entire GDP of Australia.

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The cryptocurrency market jumped above $1.5 trillion today after the recent rally in Bitcoin and Ethereum. The market of digital assets is now more valuable than the entire Gross Domestic Product (GDP) of Australia. Earlier, bitcoin touched $50,000 today after the significant institutional demand. At the time of writing, BTC is trading just below $49,000 with a total market cap of more than $916 billion. Bitcoin gained nearly 4% in the last 24 hours. The cryptocurrency market is up nearly 100% since the start of 2021.    

 

Bitcoin’s rally played a major role in the rise of the crypto market cap.

The recent Bitcoin’s massive rally fueled by Tesla’s investment and growing institutional interest played a major role in the rise of the entire crypto market cap. According to the World Bank data, the total GDP of Australia stands at around $1.4 trillion. Spanish GDP is valued at around $1.39 trillion. The recent jump in the cryptocurrency market cap means that the total value of the crypto market is now more than the Australian and Spanish GDP. Bitcoin is still expected to follow an upward momentum in the short term. 

 

The adoption of cryptocurrency has increased substantially in the last few months. 

The adoption of cryptocurrency has increased substantially in the last few months as major financial firms announced their plans about cryptocurrency assets. As reported earlier, international payment giant Mastercard announced the acceptance of certain cryptocurrencies in 2021. Bitcoin’s current market dominance stands at around 61%, down sharply since the start of 2021 because of a significant jump in altcoins’ prices. Ethereum, Polkadot, Cardano, Stellar, Dogecoin, and Litecoin posted strong gains in the last six weeks. Ethereum, the second-largest cryptocurrency, is now up nearly 150% since the start of 2021.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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