(Bloomberg) – The total market value of cryptocurrencies surpassed $ 2 trillion for the first time, after doubling in about two months amid growing institutional demand.
Bitcoin, the largest of the more than 6,600 coins tracked by CoinGecko, is worth more than $ 1 trillion, after its price doubled in 2021 to $ 58,858. The other five largest coins, ether, binance coin, polkadot, tether and cardano, have a combined value of approximately $ 422 billion.
Bitcoin has been on a roll as institutional investors dabble in cryptocurrencies as a way to increase cash yields in a world of near-zero interest rates. Tesla Inc. invested $ 1 billion of its reserves in bitcoin and began accepting it as a form of payment for cars. Morgan Stanley is allowing some of its wealthiest clients to add the token to their portfolios, while companies from Mastercard Inc. to PayPal Inc. have started adopting bitcoin.
Bitcoin advanced Monday after Grayscale Bitcoin Trust, the world’s largest institutional holder of the cryptocurrency, with $ 34 billion under management, said it plans to convert the trust into a publicly traded fund.
Last week, Coinbase Global Inc., the largest cryptocurrency exchange in the United States, said it plans to have its shares begin trading later this month on the Nasdaq following a direct listing.
Original Note: Crypto Market Cap Doubles Past $ 2 Trillion After Two-Month Surge
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