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.