Crypto Market Hits New All-time High

The overall cryptocurrency market capitalization has hit a new all-time high of $1.139 trillion, this was recorded on the 4th of February after the crypto market cap surpassed its former high of $1 trillion. 

In recent times, we have witnessed the entrance of new investors into the crypto space as the old timers have also continued to trade assiduously in the industry. Particularly, in the last two months, we have witnessed institutional investors driving the bull run of the industry and the entrance of new retail investors who were dismayed by the regulatory restrictions imposed on some traditional trading platform in light of the GameStop shares.

Available data from Coinmarketcap indicates that Bitcoin has maintained its stranglehold on the industry. The leading crypto asset accounts for 60% of the industry, this is a drop from when the market cap of the industry was at $1 trillion. Then, the crypto king controlled close to 70% of the market shares. Ethereum is next in line with approximately 17% control of the market while other digital coins make up the remaining percent.

Institutional Investors Continue Splurge on Crypto Assets

Like we stated earlier, the crypto industry has witnessed a surge in the number of its institutional investors as some of them have begun diverting their attention to Ethereum too.

For instance, top crypto investment company, Grayscale Investment has announced the reopening of its Ethereum Trust and the purchase of 24,000 units of the asset for investors in this Trust. Not only that, famous crypto investor, Ryan Sean Adams, revealed in a tweet that there is $4.5 billion ETH in Grayscale. According to him, the institutional interest in the second largest crypto asset by market cap is just beginning.

Bitcoin, however, is also making giant strides in the background. Microstrategy recently held a pro-Bitcoin event in which the firm’s CEO, Michael Saylor advised over 1000 executives of different institutions to adopt the asset as their treasury reserve. This means that we could witness an influx of institutional investors into the leading crypto asset very soon.

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
Related Posts