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Saturday, July 24, 2021

Cryptocurrency market capitalization exceeded $2 Trillion

The cryptocurrency market capitalization has exceeded $ 2 trillion, doubling in about two months thanks to the increased interest in it from institutional investors.

According to data from CoinGecko, which tracks data on more than 6.6 thousand cryptocurrencies, the market capitalization on Tuesday is $ 2.03 trillion.

The capitalization of bitcoin, which has risen in price by more than 100% since the beginning of 2021, is $ 1.09 trillion.

The aggregate market value of the five largest cryptocurrencies in terms of capitalization after Bitcoin (Ether, Binance Coin, Polkadot, Tether and Cardano) is about $ 422 billion.

The rise of the market is driven by the growing acceptance of cryptocurrencies in the world by traditional payment systems and investors.

At the end of March, Visa, the operator of the largest payment system in the United States, announced that it would begin to settle transactions in stablecoins (stablecoin is the common name for cryptocurrencies that are backed by national currencies and assets).

As part of the pilot program, Visa will use USD Coin, a USD-backed cryptocurrency, to conduct transactions using the open source Ethereum blockchain.

Following this, PayPal announced that it would enable its American customers to pay for purchases with cryptocurrencies, and exchange operator CME Group announced plans to launch micro-futures for bitcoin from May 3.


Meanwhile, Goldman Sachs and Morgan Stanley have announced that they will offer their wealthy clients the opportunity to invest in bitcoin and other cryptocurrencies.

On Tuesday, Fidelity Investments, Square Inc., Paradigm and Coinbase Global Inc. announced the creation of a new industry group, the Crypto Council for Innovation, to promote cryptocurrencies and related technologies.

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