The crypto market has reached a new all-time high today and is now worth over 2 trillion dollars.
The push from financial institutions has played a crucial role in boosting the price of several high-market cap currencies like Bitcoin, Ethereum, and others.
Another Milestone for the Crypto Community
While this is an excellent achievement for the crypto-space, many crypto-users believe an even greater bull run is ahead, considering the institutional push and adoption for cryptocurrencies. The most recent news on this front came from MicroStrategy adding another $15 million in bitcoin (235 BTC).
Despite the new ATH for the market, a Bitcoin Exchanged-traded Fund is still underway, which, if approved, could give the industry an even more dramatic boost. Investment firms in the U.S. are required to back up their assets in vaults for accredited investors and institutional capital, so recent companies that filed for a Bitcoin ETF would have to buy BTC to back up their funds.
Naturally, as institutions jump in to buy bitcoin, the price could appreciate further. This new ATH comes in just three months after the crypto market topped $1 trillion on January 29.
The Crypto Market Taking the Lead Compared to Legacy Markets
Legacy markets surged today as well. The price of BTC has seen a slight surge of 2% in the past 24 hours, while Nasdaq and S&P 500 surged 1.36% and 1.43, respectively.
At press time, bitcoin is trading at $59K. Ethereum had a more remarkable performance, with a 25% surge over the previous seven days, as ETH 2.0 reaches $6.5 billion in TVL (Total Value Locked).
In 2017, Bitcoin’s market value was around $95.9 billion, and the battle against crypto-assets led by traditional institutions trying to undermine them had just started, some even claiming that BTC was “dead.” In that same year, Ronny Moas, director from Standpoint Research, stated for CNBC that Bitcoin could top Apple in market value and reach $50,000 per BTC. Time will tell if his prediction will come to life.