Total Cryptocurrency Market Cap Sets A New All-Time High: Bullish With Capital Inflow
January 08, 2021 8:08 AM
Bitcoin went on a frenzied run Setting its New all-time high, BTC is currently trading at $38.45k after experiencing a major pullback to $27.56k in the early hours on Monday.
Bitcoin broke the $40.2k mark, in 22 days crazy run the largest cryptocurrency has added $20k, marking its 12th year Birthday.
The total global crypto market cap is largely Dominated by Bitcoin with over 70.06% dominance at $711.56bn with an increase of 1.60% over the day, the total crypto market volume is $183bn over 24hrs.
Defi Projects was on the rise late last year with many sighting it to outperform Ethereum but not just yet, the total market cap of DeFi is around $13.29bn which is equivalent to 7.5% of the 24hrs total global crypto market volume, with Tezos (XTZ) the largest among other Defi protocols currently.
Stablecoin Sees Growth
Stable coin has been instrumental to this year's Bitcoin rally with it's total market cap hovering above $144.67bn, tether which has proved over time to be the largest stable coin sits at 3rd on global ranking behind Ethereum.
One Trillion and Just 12
Bitcoin is 12 and the total global crypto market has surpassed $1.015T with the rush from institutional investors coming into the crypto market and Microstrategy recently buying 70k bitcoin taking it's Bitcoin position to over $1bn to think of the fact that less than 12months ago the crypto market was less that $200m, this is a tremendous growth for the crypto market.
This is a parabolic rise with a total crypto asset of 4113 according to Coinmarketcap data, we can say cryptocurrency is playing out to be the best assets of the 21st Century.
With a market cap of over $1T, it shows the market it liquid enough to absorb large transactions with recent showings of large capital inflow into the market by huge companies.
If this trend continues then we will not be far off the $1M Bitcoin price prediction.