The cryptocurrency market’s high value is largely attributed to two popular digital currencies.
Thanks largely to the surge of interest in Bitcoin and ether, the value of the cryptocurrency market exceeded $2 trillion for the first time earlier this week.
Bitcoin hit a benchmark of its own when it reached a $1 trillion market cap alone and held it for one week, Reuters reports. In mid-March, one Bitcoin was worth just over $61,000. As of this writing, it is now worth more than $56,000.
And as an increasing number of companies, including Visa and PayPal, move towards allowing customers to pay in digital currency, an equally growing number of investors are placing their bets on ether — the second-largest digital coin that supports the Ethereum blockchain, according to CNBC. While the Bitcoin blockchain facilitates crypto transactions, the Ethereum blockchain allows users to spend digital currency on apps.
Market value aside, Bitcoin and ether aren’t the only cryptocurrencies that are attracting attention, one expert told Reuters. Other digital assets are also gaining steam. That, in turn, suggests that the value of the cryptocurrency market could be higher down the line.
“As the industry continues to mature, we expect more blockchain-based applications to be introduced to the world, and coinciding with that, a surge of interest around other alternative assets… as they become more market-ready,” Paolo Ardoino, chief technology officer at crypto exchange Bitfinex, told the outlet.
By Justin Chan
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