The cryptocurrency market passed a milestone figure on Jan. 7, crossing $1 trillion in market cap thanks to a sudden 24 hour rally that saw Bitcoin hit an all-time high of $38K.
- The $1 trillion valuation is a step towards reaching the adoption levels of gold, which stands at around $10 trillion
- Bitcoin dominates the market, representing 68.5% of all investment, while Ethereum holds 13.56% of the market
- The digital gold narrative has gripped the wider public, with a former US Federal Reserve governor saying it appeals to younger investors in the current economic climate
- The arrival of more institutional investors, major companies, regulation, and general adoption has lifted the market into a price range that Binance US CEO Catherine Coley says could reach $100k in 2021
- While a major achievement, $1 trillion still only forms a fraction of the total global monetary value