By
Steve Muchoki
April 17th, 2024
As the crypto space records growth, Ethereum (ETH) has soared to a new all-time high as well.
The total crypto market capitalization has reached an all-time high of $1.139 trillion. The crypto market recorded the new high on the 4th of February at 8.50 a.m. UTC. Previously, the crypto market reached $1 trillion in its market value on the 6th of January.
Total Crypto Market Capitalization Climbs to New Levels
According to data by CoinMarketCap, the total market cap for all cryptocurrencies is currently $1,137,095,486,588. The crypto market has recently been surging as existing investors acquire more and new traders enter into the crypto space. There has also been a rise in both institutional and retail traders over the past month.
Cointelegraph revealed in a report that Bitcoin had 69% of the total market share as of when the total crypto market cap reached $1 trillion. During the same period, the top two digital assets – Bitcoin and Ethereum – pulled in gains amid increasing interest among investors. At the time, Ether’s dominance was 13.5%. However, at press time, Bitcoin market dominance is 60.86%, while Ether currently dominates 16.52% of the total crypto market share.
Additionally, Bitcoin is down 0.66 to $37,490.12 at the time of writing. ETH is also currently down 0.83% to $1,644.92.
Bitcoin and Ethereum
As the crypto space records growth, Ethereum (ETH) has soared to a new all-time high of $1,689.19. The latest milestone also attracted an 8.19% 24-hour increase to ETH’s market cap, reaching $191,305,111,850.59.
Additionally, Ethereum has also been attracting several bullish comments from the crypto community. The comments suggest that the second-largest cryptocurrency by market value will record new highs in 2021.
In a tweet, the founder and CEO of Global Macro Investor and Real Vision, Raoul Pal, noted:
“ETH is up 126% YTD (year-to-date). It’s Feb 3rd, FFS! I still expect it to hit $20K by around the turn of the year.”
Reports revealed that the spike in the price of Ethereum could be tied to public companies stacking up huge amounts of ETH. Grayscale recently added 24,000 ETH to its Ethereum Trust.
Crypto investor Ryan Sean Adams revealed in a tweet that there is $4.5 billion ETH in Grayscale. He added:
“The institutions are buying ETH. And they’re just getting started.”
As companies acquire ETH, institutional investors are also stacking up Bitcoin. A recent report by Coinspeaker stated that Grayscale may trigger the next Bitcoin bull run. According to the report, BTC may surge in reaction to GBTC shares unlocking. As of the 1st of February, Grayscale has $21.8 billion in assets under management.
Nasdaq-listed company MicroStrategy Inc (NASDAQ: MSTR) is one of the institutions holding large quantities of Bitcoin. Since MicroStrategy started purchasing BTC as part of its treasury reserve policy in August last year, the company has continually added more of the digital asset.
Most recently, MicroStrategy added 295 BTC worth $10 million to its portfolio. As of the 2nd of February, after the purchase, the company had a total of $71,079 BTC.