Since the beginning of the year, the crypto industry has been on a bull run that started off as little spikes that have now culminated in Bitcoin crossing the $50,000 mark; Ethereum, the second largest crypto asset by market cap, has also been able to cross the $2000 mark. In this bull run, we have witnessed assets like Dogecoin and Binance Coin also make strong forays into the top 10 ranking of cryptocurrencies. Notably, the price of Bitcoin has more than doubled its 2020 value.
The continuous rise of the value of crypto assets have been tied to the increased entrance of institutional investors into the crypto industry. The price spikes have also forced many skeptics who, hitherto, had called digital assets like Bitcoin a bubble to now embrace that these assets are now an essential part of the new financial system.
Available data has shown that Bitcoin, the most popular digital currency in the world, new ATH is $57,808.89 while its market cap has gone beyond $1 trillion. In this year alone, the coin has witnessed a price rally of 98.7%. Ethereum, the second largest crypto asset by market cap, is also quietly rising. The asset though has retraced to $1948, its market cap now stands at over $200 billion too.
In 2017 when the industry witnessed a similar bull run, what came next was a massive price decline. However, this bull run is different as it is being driven by big institutions like Tesla, Grayscale, Microstrategy, CME Global and others.