The complete overview of the day's events in the (crypto) markets. Concisely summarized in a market commentary by the CVJ.CH editorial team.
Market Commentary
Bitcoin (BTC) was not impressed by the chaos in the US and rose to a new all-time high of over 38,000 US dollars today.
In fact, Bitcoin's parabolic price rise has allowed it to break into the top 10 global assets by market capitalization. Depending on the source, the exact rank varies. CompaniesMarketCap currently sees the cryptocurrency at number 11, just behind Tesla. This also brings Bitcoin closer to the market capitalization of the precious metal silver, which is currently valued at 1.5 trillion. The market capitalization of gold, at over USD 12 trillion, is currently 17 times higher than that of "digital gold" aka. bitcoin.
Total crypto market capitalization reaches 1 trillion USD for the first time
With the Bitcoin price surge, the market capitalization of the entire crypto market tracked on Tradingview reached the $1 trillion milestone for the first time today. Bitcoin accounts for about $700 billion of that, which equates to a BTC dominance of 70%.
Ethereum (ETH), the second largest crypto asset, has also been able to keep up with the rapid Bitcoin price increase. Although it does not reach new all-time highs every day, the 2018 high of just over USD 1,400 is within reach. At current prices, this gives Ethereum a market capitalization of over 140 billion US dollars. The smart contract platform could thus also break into the top 100 global assets.
Disclaimer
All information in this publication is provided for general information purposes only. The information provided in this publication does not constitute investment advice and is not intended as such. This publication does not constitute and is not intended as an offer, recommendation or solicitation to invest in any financial instrument, including cryptocurrencies and the like. The contents contained in the publication represent the personal opinions of the respective authors and are not suitable or intended as a basis for decision-making.
Risk notice
Investing in cryptocurrencies, is fundamentally associated with risk. The total loss of the invested capital cannot be excluded. Cryptocurrencies are very volatile and can therefore be exposed to extreme price fluctuations in a short period of time.
