Cryptocurrency market value tops $1 trillion as Bitcoin surges

The value of the cryptocurrency market topped $1 trillion for the first time Thursday as Bitcoin surged to yet another record high.

The world’s biggest digital coin briefly climbed past the $40,000 mark to a peak of $40,324.01 Thursday afternoon, a more than 14 percent gain from a day earlier, CoinDesk data show.

The jump helped drive the combined market value of all cryptocurrencies up about 9 percent to $1.05 trillion, according to, which tracks hundreds of digital tokens.

Bitcoin alone accounts for the vast majority of that total with a market capitalization of about $723 billion, the site says. It was recently trading at $37,851.27.

Smaller coins also saw gains Thursday — Etherium, the second-largest cryptocurrency by market value, was recently up about 2 percent at $1,217.45, while XRP surged more than 20 percent to about 30 cents, according to CoinDesk.

Once a fascination of amateur retail traders, Bitcoin has been on a record-breaking tear in recent months as it gained traction among institutional investors, roughly doubling its value in less than a month.

The cryptocurrency has been buoyed by perceptions that it’s a good way to protect against inflation. JPMorgan Chase analysts have said Bitcoin could even become an alternative to gold — which could eventually drive its price up to $146,000.

There are also hopes that Bitcoin will become a more widely used payment method, with mainstream digital payments firms such as PayPal and Square allowing Bitcoin on their platforms.

Square bought $50 million worth of Bitcoin in October, and CEO Jack Dorsey — who also leads Twitter — published an open letter this week slamming a federal proposal that would force the company to more carefully track cryptocurrency transactions.

Related posts

Hacker sentenced to three years for Nintendo Switch leak, child porn


Stocks tumble as new COVID strain overshadows stimulus deal


Cruise ship 2.0: setting sail into the new normal – photo essay | Art and design


Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More