Bitcoin rally takes market cap of over 6,000 cryptocurrencies to whopping new high of $1.24 trillion

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Updated: Feb 07, 2021 1:53 PM

The new high came nearly a month after the total market cap scaled to $1.1 trillion on January 10, 2021 after hitting the earlier all-time high of $848 billion on January 6, 2018.

"The government will explore the use of the blockchain technology proactively for ushering in the digital economy," Thakur said in a written reply to a question on introduction of India's own crypto-currency.Crypto industry is open to being regulated, but a blanket ban is something that will harm the entire country’s financial and technology ecosystem.

The Bitcoin price rally, which topped $40,000 again to hit the $40,664-mark at 10.29 pm GMT on Saturday, as per Coindesk, has helped the market cap of all cryptocurrencies scale to a new record. The combined value of 6,223 cryptocurrencies, tracked by CoinGecko, hit $1.24 trillion on Saturday. The new high came nearly a month after the total market cap scaled to $1.1 trillion on January 10, 2021, after hitting the earlier all-time high of $848 billion on January 6, 2018. However, it retreated to $1.19 trillion, at the time of filing this report. The world’s most valuable cryptocurrency Bitcoin had traded at $41,973 price on January 8, 2021, as per data from Coin Metrics. It’s since declined below the $41,000 level.

The recent jump in Bitcoin price and the overall market cap of cryptos also have Elon Musk’s support for the digital currencies among key factors. Simply adding #Bitcoin on his Twitter profile, Musk triggered the price rise as the cryptocurrency surged beyond $38,000 on January 29, 2021. The price further increased the following week after Musk commented on the audio social network that Bitcoin is a “good thing” and that he was “late to the party”. This past Thursday, Musk had tweeted about the meme-inspired digital currency Dogecoin that began as a joke but is now worth billions. In his tweet, Musk said “Dogecoin is the people’s crypto” which led to a price jump from $0.03220517 (Rs 2.34) to $0.059299 (Rs 4.32) on Sunday. It is currently the 12th most valued cryptocurrency with a market cap of $7.8 billion.

Also read: Despite pandemic blues, MakeMyTrip raises $200 million through zero-coupon convertible bond

While Bitcoin continues to drive crypto markets, the gender disparity in traders of cryptocurrencies has been significant. The share of women traders of the crypto king was only 15 per cent, according to a report by brokerage company eToro, even as it had moved up slightly from 10 per cent at the beginning of 2020. Similarly, women traders in the second most valued coin Ethereum moved up from 11 per cent to 12 per cent during the said period.

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