Cryptocurrency market valuation reached the $2 trillion mark for the first time

 

Cryptocurrency market valuation reached the $2 trillion mark for the first time yesterday. The movement came following a rally in the second popular cryptocurrency ETH.

According to CoinGeckoIn, a popular price-tracking website, in almost 60 days the popular cryptocurrency market capitalization has increased growing its valuation by two times while retail and institutional market participants gather into this much demanding market.

Bitcoin, which is considering the most influential digital currency and occupies over 50% of the entire cryptocurrency market capitalization saw its value increased substantially over the years.

Bitcoin has surged over 100% in 2021 alone, and that has supported the rally in the cryptocurrency market.

Last March, the popular bitcoin scored a record top surpassing $61,000. The famous crypto coin was exchanging nearly $58,800 on Tuesday.

However, the latest development in the cryptocurrency market valuation seems to have occurred because of the second biggest crypto coin ETH.

Bitcoin additionally works on a technology described as the blockchain which is a public record of action and a system for activities such as transactions to utilize handling the cryptocurrency.

In contrast, the Ethereum blockchain is similar to a software platform that enables programmers to create applications on that. Users can then use ETH on these applications.

The fundamental characteristic of Ethereum is smart contracts. These are contracts that can be automatically completed using code.

There is an increasing enthusiasm regarding the use of Ethereum in so-called decentralized finance.

According to CoinDesk, the popular Ether secured an all-time high of $2,151.25 today morning. It is up over 180% year-to-date.

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Technical

On the 1H timeframe, the popular BTC/USD seems to be heading into the bullish area, considering the Ichimoku system. According to the famous Japanese strategy, the price crossed the cloud while the Tekan sen line is also out of the cloud. to be able to spot any potential opportunities for the bullish site the kijun sen line needs to cross the cloud up as well.