The cryptocurrency market is on the rise since the start of this week. The digital assets added $100 billion in the last 24 hours as Bitcoin jumped above $54,000 for the first time in two weeks. Ethereum also posted strong gains as ETH crossed $1,850 on Tuesday.
Bitcoin now has a market cap of more than $1 trillion. BTC’s market dominance currently stands at around 60.4%. The world’s largest cryptocurrency registered an all-time high of $58,000 on 22 February after a surge in demand from retail and institutional investors. BTC’s institutional interest has been on the rise since the start of 2021. After Tesla, MicroStrategy and Square, Chinese technology firm Meitu and Norway’s public-listed company, Aker ASA also revealed their investment in Bitcoin.
The overall market cap of cryptocurrency assets jumped from $1.55 trillion to $1.65 trillion within a single day. The crypto market is now up by more than $900 billion since the start of 2021. A massive boom in NFTs and DeFi projects played a major role in the recent rally.
It is not only about the price gains. The adoption of cryptocurrency assets has increased in the last few months. PayPal started accepting cryptocurrencies in 2020, and Mastercard announced earlier this year that the company is planning to accept digital currencies by the end of 2021. Tesla revealed in February that the company is considering Bitcoin as a payment method for Tesla products. Several leading Wall Street firms and hedge fund managers have started considering Bitcoin as a store of value. A large number of companies are adding Bitcoin and other cryptocurrency assets to their balance sheets. Grayscale, the world’s largest crypto asset manager, now has more than $40 billion worth of digital assets under management.
Finance Magnates reported earlier about the announcement by the NBA team, Dallas Mavericks about the acceptance of Dogecoin as a mode of payment for tickets and merchandise.