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Crypto market cap surges past $1 trillion for the first time as BTC soars past %37K

The total capitalization of the cryptocurrency market reached $1 trillion, breaking its previous record of $830 billion set in 2018.

Image by WorldSpectrum from Pixabay

Thu, 07 Jan 2021, 07:56 am UTC

Bitcoin’s rally continues as BTC set a new record when it soared past $37,000 for the first time on Tuesday. Led by the world’s largest cryptocurrency by market cap, the total crypto market capitalization also set a new milestone when it broke $1 trillion for the first time ever.

The crypto market just set a new record when the total market capitalization reached $1 trillion for the first time at 19:00 ET on January 6, 2021, according to Cointelegraph.com. Leading the charge is Bitcoin, the world’s largest cryptocurrency, which also broke $37,000 at around the same time, setting a new high in the process.

After breaching $1 trillion yesterday, the cryptocurrency market managed to maintain its momentum as the total value of the digital assets remained above the trillion-dollar mark. As of writing, the total crypto market capitalization inched a bit higher and is now valued at $1.01 trillion based on data from Coinmarketcap.com.

The crypto market capitalization managed to soar past a trillion dollars just days after it exceeded the previous high during the 2017-18 bull market. During the last cycle, the crypto market’s total cap reached around $830 billion in early 2018.

Bitcoin soared to $37,714 at 1:39 PM on January 7 while its market cap soared to $701 billion. However, the crypto is trading at around $37,373 at the time of writing while its market cap slid back down to $691 billion.

Meanwhile, Ether (ETH) has likewise posted massive games recently. The world’s second-largest crypto briefly traded at $1,205 on January 7 but slid back down to $1,197 at the time of writing.

There are even speculations that Ether might be on its way to challenge its current all-time high in the next few days. ETH’s all-time high was set back in 2018 when it traded at $1,432.88.

Many believe that a subsequent altcoin rally will soon follow. During the previous bull cycle, the altcoins market cap reached $547 billion after Bitcoin declined from its December 2017 high.

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