The largest digital token gained 5.1 per cent to $38,250 as of 11:07 a.m. in London. The announcement from the Basel Committee on Banking Supervision is another sign that the world of traditional finance is responding to the rise of crypto assets.
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02/16/2021 08:00 AM EST
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The total market value of cryptocurrencies surpassed $1 trillion for the first time Thursday amid a frenzied and volatile rally in Bitcoin to yet another record.
Cryptocurrencies hit the milestone after a fivefold climb in market value in the past year, data from tracker CoinGecko shows. Strategists have cited demand from speculative retail traders, trend-following quant funds, the rich and even institutional investors as among the reasons for the surge.
Bitcoin rose as much as 9% on Thursday to touch a high of $39,223 and has more than quadrupled in the past year, according to a composite of prices compiled by Bloomberg. It accounts for about two-thirds of cryptocurrency market value, followed by Ether at about 13%, according to CoinGecko data.
Cryptocurrency Market Value Tops $1 Trillion as Bitcoin Breaches $37,000
Cryptocurrencies hit the milestone after a fivefold climb in market value in the past year. By Olga Kharif, Bloomberg | Updated: 7 January 2021 11:57 IST
Proponents of Bitcoin argue it offers a hedge against dollar weakness and the risk of faster inflation
Highlights
Fewer than 2 percent of accounts hold 95 percent of Bitcoin supply
The last big Bitcoin boom began imploding in late 2017
The total market value of cryptocurrencies surpassed $1 trillion (roughly Rs. 73,12,050 crores) for the first time Thursday amid a frenzied and volatile rally in Bitcoin to yet another record.
Cryptocurrencies hit the milestone after a fivefold climb in market value in the past year, data from tracker CoinGecko shows. Strategists have cited demand from speculative retail traders, trend-following quant funds, the rich and even institutional investors as among the reasons for the surge.