Bitcoin Surge Pushes Total Cryptocurrency Market Cap Over $2 Trillion (Comprehensive)

More Than Nvidia, 3rd Largest US Market Cap
Ethereum Also Surpasses Samsung Market Cap

Thanks to the rising trend of Bitcoin, the leading cryptocurrency, the total market capitalization of cryptocurrencies has surpassed $2 trillion.

According to U.S. cryptocurrency exchange Coinbase and others on the 27th (local time), as of 1:30 PM Eastern Time, the total market capitalization of cryptocurrencies was recorded at $2.14 trillion (approximately 2,850 trillion KRW). This exceeds not only Amazon ($1.799 trillion) and Alphabet ($1.723 trillion) but also Nvidia ($1.984 trillion), which ranks third in market capitalization on the New York Stock Exchange. It is the first time in over two years since December 2021 that the cryptocurrency market cap has exceeded $2 trillion.

[Image source=Yonhap News]

The rise was led by Bitcoin, which accounts for about half of the total cryptocurrency market cap. Bitcoin, which has risen more than 30% this year alone, was trading at $57,027 (approximately 76 million KRW) at 1:30 PM on the day, up 6.33% from the previous day. Bitcoin's market cap is $1.1 trillion, approaching Meta ($1.231 trillion), which ranks sixth in market capitalization on the New York Stock Exchange. Ethereum, the second-largest cryptocurrency by market cap, also rose 2.98% to $3,238. Ethereum has surged more than 40% this year alone, with a market cap of $389.3 billion, surpassing Samsung Electronics ($365.2 billion).

Next, the market cap of stablecoin Tether is $98.1 billion. Stablecoins are cryptocurrencies designed to minimize price volatility by being pegged to the value of the U.S. dollar, euro, or other currencies, and Tether is the largest stablecoin by market cap. Binance Coin (BNB) and Solana have also recently risen significantly alongside Bitcoin's surge, with market caps growing to $59 billion and $47.5 billion, respectively. The combined market cap of these five coins totals $1.6939 trillion, accounting for 80% of the entire market.

Bloomberg reported, "The Bitcoin spot exchange-traded fund (ETF), which started trading in the U.S. on the 11th of last month, has attracted $6.1 billion (approximately 8 trillion KRW), stimulating investor sentiment," and added, "The upcoming halving event is further boosting optimistic sentiment."

Chris Newhouse, an analyst at Cumberland Labs, attributed Bitcoin's rise to "short-term traders buying after a week of stability," noting, "There is little selling at the current price, and in the market, liquidated short positions (sales expecting price drops) are quickly being replaced by leveraged long positions (purchases expecting price increases)."

The announcement by MicroStrategy, the largest corporate holder of Bitcoin, is also seen as a factor driving Bitcoin's rise. The company revealed that it purchased approximately 3,000 additional cryptocurrencies this month for $155.4 million. The value of Bitcoin held by this company amounts to about $10 billion.

This content was produced with the assistance of AI translation services.