Crypto Market Value hits $2.5 Trillion as Ethereum Hits Record HighRecording buying pressures on Ethereum and some altcoins have pushed the crypto market valuation to about 2.5 trillion.
Ethereum is partially responsible for this feat, has it has recorded weekly gains of about 30% with Ether breaking new highs with Ether hitting $4,000 on the FTX exchange.
At press time the global crypto market value stood at $2.49 Trillion a 1.17% increase over the last day.
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The total daily cryptomarket volume hovers around $246 Billion, which postulates a 13.65% increase. The
Bitcoin’s price is currently $59,219.08 with its dominance reaching a record low of 44.44%, while Ethereum’s dominance is at 18.3%.
Taking a fundamental look at Bitcoin, reveals investors see it has store of value, making the crypto asset’s dormancy a reasonable proxy for why many institutional investors use it majorly as a Treasury asset while Ethereum represents a far more active use for the global financial ecosystem, which is usually deployed for applications and smart contracts.
The sudden growth cited in the crypto-verse especially in the last four months is attributed to the credence gotten from leading global brands, with the likes of Mastercard, Tesla, PayPal, Visa, and even Hedge Funds showing significant interest in its technology and hedge against their traditional investments.
Market’s pundits have also cited that the heightened interests, emanating institutional record cash inflows as seen from leading hedge funds, and lately, the powerful financial brands that include Goldman Sachs, JP Morgan Chase, have bolstered the new financial asset class market valuation in breaking record highs.
Though Bitcoin and ether are the top leading crypto assets by market value and trading volume other crypto-assets like Polkadot, dogecoin, Chainlink, Cardano are trading near record highs, this suggests that the value of the cryptocurrency market could keep breaking new highs as more blockchain-based applications go mainstream.