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Crypto market cap hits $ 2 trillion, bitcoin hits $ 1.1 trillion

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FILE PHOTO: Representations of Ripple, Bitcoin, Etherum, and Litecoin virtual currencies are seen on a PC motherboard in this illustration photo, February 14, 2018. REUTERS / Dado Ruvic / Illustration / File Photo / File Photo

NEW YORK (Reuters) – The cryptocurrency’s market cap hit an all-time high of $ 2 trillion on Monday, according to data and market followers CoinGecko and Blockfolio, as gains in recent months have attracted the demand from institutional and retail investors.

As of noon, the crypto market cap was $ 2.02 trillion.

The surge in crypto market capitalization was led by bitcoin, which reached its own milestone of holding the $ 1 trillion market cap for an entire week. Bitcoin was last up 1% to $ 58,820. Since hitting a lifetime high of over $ 61,000, it has since traded in a relatively narrow range.

Analysts have said that as long as bitcoin stays above $ 53,000, it will be able to maintain its $ 1 trillion market capitalization.

Ethereum, the second largest cryptocurrency by market cap, rose 1.5% to $ 2,107, with a market cap of $ 244 billion. It hit a record high of $ 2,144.99 last Friday.

While two trillion dollars of market cap is a considerable amount of value stored in the blockchain format, it is still less than 1% of the value that can be stored in this format, which means there is still much to do in both. Market capitalization and global adoption of smart contracts, said Sergey Nazarov, co-founder of Chainlink, a decentralized network that provides data to smart contracts on the blockchain.

Blockchain data provider Glassnode said in a research report that the fact that bitcoin held the market cap of $ 1 trillion for a week is a strong vote of confidence for bitcoin and the asset class of cryptocurrency as a whole.

He added that on-chain activity continues to strengthen bitcoin’s robust position, with volume equivalent to more than 10% of circulating supply above the $ 1 trillion threshold.

Bitcoin has grown over 100% this year, while ethereum has gained almost 190%. Both have massively outperformed traditional asset classes, bolstered by the entry of mainstream companies and large investors into the cryptocurrency world, including Tesla Inc and BNY Mellon.

Reporting by Gertrude Chavez-Dreyfuss; Editing by Aurora Ellis

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