Cryptocurrency market capitalisation hits $2tn as investors embrace altcoins amid bullish bitcoin

The market capitalisation of cryptocurrency rose on Monday to $2 trillion as bitcoin and altcoins price continue to trade strongly.

This was reported as the highest the crypto market capitalisation has attained.

The capitalisation achieved is also due to increasing acceptance of Ethereum, which is the second most popular digital asset. The entry of more institutional investors have been expanding the crypto market and allaying fears.

With a semblance of assurance created, mass adoption of cryptocurrency by companies and retail investors pushed the market value of cryptocurrency to $2.2 trillion on Monday, as bitcoin contributed $1.1 trillion.

This means bitcoin represents half of the cryptocurrency market while Ethereum accounts for $244 billion, this is according to data from CoinGecko and Blockfolio tracked by Reuters.

It was revealed that bitcoin market capitalisation will remain above $1 trillion if it continues to trade above $53,000 which it has been doing for about a week. The lowest bitcoin has been in past 24hours is $56,846.

The bitcoin price had also traded high at $59,484 in last 24hours. The most popular cryptocurrency current price is $58,906, with market capitalisation put at $1.10 trillion according to Coindesk data tracked by Ripples Nigeria early Tuesday, April 6, 2021.

Ethereum, which hit a market high of $2,144 on Friday, April 2, 2021, stood at $2,107 on Monday when the cryptocurrency market capitalisation hit $2 trillion. However, the total capitalisation attained on Monday was heavily backed by altcoins.

Double digit gains in Tokens such as bittorrent (BTT), tron (TRX) and tezos (XTZ) pushed the crypto market up as investors explore alternative crypto coins due to the high rate of bitcoin.