A surge in both bitcoin and altcoin prices has pushed the entire cryptocurrency ecosystem to the 4 trillion USD mark for the first time in history.
Crypto All-Time High: Market Surpasses 4 Trillion USD Based on Bitcoin Price Surge
Bitcoin (BTC) reached 122K USD early Monday morning before retreating to 119K USD. However, despite the slight correction, the midnight surge of this digital asset has propelled the entire cryptocurrency ecosystem, pushing its market value past 4 trillion USD for the first time, according to data from Coinmarketcap.
(Data from Coinmarketcap shows that the market value of cryptocurrency surpassed 4 trillion USD for the first time on Monday / coinmarketcap.com)
Optimism increases as the Coinmarketcap Fear and Greed Index jumps to sixty-two. Overzealous investors in the derivatives market betting on a stronger price increase for bitcoin have lost nearly 33 million USD in the past 24 hours according to open interest data from Coinglass. But it is these investors hoping for a decline in this cryptocurrency who have encountered trouble as liquidations rose to nearly 93 million USD.
Ether (ETH) also saw a significant price surge, rising about 2% compared to yesterday and 17% compared to last week. With a price of 4,310 USD, this altcoin is aiming for the record of 4,891.70 USD from November 2021. “We may see surprises in the next year or beyond, especially with these treasury companies steering everything,” Ethereum co-founder Joseph Lubin stated in an interview on CNBC. “Where ether will surpass the monetary base scale of bitcoin.”
While Lubin's view on ETH surpassing BTC is controversial and unlikely, the two largest cryptocurrencies approaching their all-time highs have propelled the entire crypto space to third place in the list of top asset market values on the planet, just below the chip company valued at 4.47 trillion USD Nvidia.
