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 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.
We’re happy to announce that earlier today, the SEC declared our S-1 registration statement effective and that we expect our direct listing to occur on April 14, 2021, with our Class A common stock trading on the @NASDAQ under the ticker symbol COIN.https://t.co/cwRZWmj9Pv
— Coinbase (@coinbase) April 1, 2021
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.