{"id":104237,"date":"2021-01-07T17:46:02","date_gmt":"2021-01-07T17:46:02","guid":{"rendered":"https:\/\/fin2me.com\/?p=104237"},"modified":"2021-01-07T17:46:02","modified_gmt":"2021-01-07T17:46:02","slug":"crypto-market-cap-surges-above-1-trillion-for-first-time","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/crypto-market-cap-surges-above-1-trillion-for-first-time\/","title":{"rendered":"Crypto market cap surges above $1 trillion for first time"},"content":{"rendered":"<figcaption>FILE PHOTO: Representations of virtual currency Bitcoin are placed on U.S. Dollar banknotes in this illustration taken May 26, 2020. REUTERS\/Dado Ruvic\/Illustration\/File Photo<\/figcaption><p>(Reuters) &#8211; The total market value of all cryptocurrencies rose above $1 trillion for the first time on Thursday as Bitcoin surged to a record high, according to data by crypto coin trackers CoinMarketCap and CoinGecko.<\/p>\n<p>Bitcoin has jumped more than 900% to $38,655 on Thursday, from $3,850 in March, as governments increase speeding to blunt the economic impact of the coronavirus. This has raised fears about rising inflation and U.S. dollar debasement.<\/p>\n<p>The cryptocurrency is also gaining traction with more mainstream investors who are increasingly convinced that Bitcoin will be a long-lasting asset, and not a speculative bubble as some analysts and investors fear.<\/p>\n<p>Sergey Nazarov, co-founder of Chainlink, a decentralized network that provides data to smart contracts on the blockchain, said that there is a \u201clack of faith in traditional institutions that is driving this large rally towards cryptoassets.\u201d<\/p>\n<p>\u201cWhile outsiders may view the cryptocurrency industry being valued at over $1 trillion as an incredibly significant milestone, in actuality our space is still in one of its very early stages of development and growth,\u201d Nazarov said.<\/p>\n<p>The market cap of all cryptocurrencies rose 10% to $1.042 trillion on Thursday, data from CoinMarketCap shows. Bitcoin accounts for around 69% of the total market cap of the total. It is followed by Ethereum with a 13% share.<\/p>\n<p>Source: <a href=\"https:\/\/www.reuters.com\/article\/crypto-currency\/crypto-market-cap-surges-above-1-trillion-for-first-time-idUSL1N2JI1HN\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FILE PHOTO: Representations of virtual currency Bitcoin are placed on U.S. Dollar banknotes in this illustration taken May 26, 2020. REUTERS\/Dado Ruvic\/Illustration\/File Photo(Reuters) &#8211; The [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":104236,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto market cap surges above $1 trillion for first time - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/crypto-market-cap-surges-above-1-trillion-for-first-time\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto market cap surges above $1 trillion for first time - Fin2me\" \/>\n<meta property=\"og:description\" content=\"FILE PHOTO: Representations of virtual currency Bitcoin are placed on U.S. Dollar banknotes in this illustration taken May 26, 2020. 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