The Crypto-market hit 2 trillion USD this week! That’s 2,000,000,000,000—Yes, a lot of zeros!
Bitcoin contributes more than 50% to the entire crypto market and has a market cap of $1 trillion on its own. It took 12 years for the entire crypto market to cross the 2 trillion market cap where Apple, the only tech company to cross $2 trillion, took 42 years to reach this mark.
DeFi platforms and NFTs took one year (or less) to go mainstream and have a significant contribution to the crypto market.
Some recent developments that led to crossing the $2 trillion mark are:
- Institutional investors and public companies increased their bitcoin investments. Microstrategy now owns 91,579 bitcoins, followed by Tesla with 48,000 and Square –8,027 bitcoins and place them at the top of companies with largest bitcoin positions.
- In addition to investing in bitcoin, Tesla now accepts payments in Bitcoin and will retain the payment in bitcoin.
- PayPal and Visa have expanded their crypto services. PayPal now supports US users to pay in cryptocurrencies in addition to the existing buy and hold crypto options on PayPal.
- Visa now allows their business partners like crypto.com to pay their fee in cryptocurrencies.
- Coinbase, one of the oldest and biggest US crypto exchanges, is in their final stages of doing an IPO in the US on April 14 with an expected $100 billion valuation.
- More than $50 billion worth of crypto is now locked in DeFi protocols like Uniswap, SushiSwap, and Compound. These platforms offer decentralized finance services like lending, staking and swapping of cryptocurrencies.
- NFTs have become a huge and widely adopted market with famous NFTs from Beeple sold for $69.3 million and Kings of Leon releasing their music album “When you see yourself” as an NFT. More NFT marketplaces are now open for everyone to digitize their work and prove ownership.
With the crypto market crossing $2 trillion in 12 years, it is exciting to see blockchain technology going mainstream this fast and what the future holds for blockchain and cryptocurrencies!