A wave of recent institutional buying has propelled the total market cap of all cryptocurrencies to exceed the $1 Trillion level for the first time ever.
The price of bitcoin hit another all-time high Wednesday. Bitcoin (BTC) was trading around $36,868 as of 7 p.m. ET, Gaining 6.5% over the previous 24 hours, and easily surpassing Jan. 2’s previous record high of $34,366.
According to the latest data, the $1 trillion cryptocurrency economy has gained significant value in the last 24 hours. The world’s largest cryptocurrency, Bitcoin, is topping the list with a market cap exceeding $680 billion.
Best Performing Cryptocurrency Assets
Ethereum is the best performing asset among major cryptocurrencies, the total market cap of Ethereum jumped nearly 60% in the last 7 days to reach a market cap of $137 billion. As of writing, the price of Ethereum is hovering around $1,211, within striking distance of its all time high.
The world’s top cryptocurrencies have gained the limelight in recent days due to a significant increase in market value, but other crypto-assets like Cardano and Stellar have actually performed better than Bitcoin and Ethereum in the last few weeks in terms of percentage gain. Stellar (XLM) has gained more than 60% in the last 24 hours, and 159% in the last 7 days as the total market cap of the cryptocurrency reached $7.4 billion. Further, XLM posted strong gains after an announcement by the Ukrainian Ministry of Digital Transformation to work with Stellar Development Foundation to introduce virtual assets in the country.
Furthermore, Litecoin, Polkadot, Chainlink and Bitcoin Cash posted strong gains in the last few days as all the mentioned cryptocurrency assets gained more than 30% in the last 7 days. Institutional adoption is pushing the cryptocurrency economy beyond the $1 trillion market cap much quicker than most observers had anticipated.