According to the data published today by CoinGecko, the combined value of all existing and trading cryptocurrencies today has now just recently surpassed the illustrious $1 trillion mark. This is largely in part of the still-surging Bitcoin (BTC) and Ether (ETH) market. Bitcoin is now inches away from reaching $42,000 per BTC..
Cryptocurrency lending firm Nexo’s crypto managing partner, Antoni Trenchev, commented on this monumental development. He states that now that people are exploring altcoins rather than BTC alone, we could more than likely observe far greater diversity, and thus, a more even spread of committed money across the crypto board.
Going by the latest data reports, his statement regarding the matter does indeed prove correct. BTC and its most prominent adversary, ETH, have recently pulled up countless other cryptos into double-digit percentages, all thanks to their most-impressive gravitational market pull.
Trenchev then added that it is now only a matter of time for BTC to successfully capture a sizeable portion of the gold market – predicting 10% of it at the very least.
As impressive as the $1 trillion total crypto market cap may be, Bitfarm’s president, Geoff Morphy, argues that such a milestone is just the beginning. He states that people will now be finding ways to increase or preserve their holdings’ overall value, which would then result in the market cap to balloon even more.