KANALCOIN NEWS – All cryptocurrencies now have the same value as the world’s technology giant, Apple. This happened after the capitalization value of all existing cryptocurrencies touched $2 trillion.
According to data from Goingecko reported by Kanalcoin.com from Cointelegraph, all cryptocurrencies on the market today have crossed the $2 trillion mark in terms of capitalization as of April 5. This was fueled by the impressive growth of bitcoin (BTC) and ether (ETH) during 2021.
These conditions make the current cryptocurrency market as valuable as the world’s largest technology company, Apple. Apple is currently the second largest company in the world after Saudi Arabian oil giant Aramco.
The current capitalization value is arguably a 100 percent increase from the previous three months. On January 7, 2021, the cryptocurrency market cap value exceeded $ 1 trillion. At that time, the bitcoin price reached $ 33 thousand per coin.
There are several things that seem to affect the current increase in the value of cryptocurrency market capitalization. The first reason is the start of the plunge of a number of world financial giants into the crypto world, such as PayPal and Visa.
PayPal and Visa are increasingly here to support the application of cryptocurrency technology. In fact, both of them have been providing financial services that support the use of cryptocurrencies, especially bitcoins, lately.
The second reason is the decreased volatility that bitcoin has over the past few days. For nearly a month, bitcoin has experienced consistent price changes ranging from $55,000 to $60,000 per coin.
This figure is the lowest since November 2020. In addition, the low volatility of bitcoin also makes ETH and other altcoins more stable and do not experience severe declines. At the same time, ETH also hit their all-time high of $2k per coin.
Partner at Moonrock Capital, Jonathan Habicht, said that all this time investors have been waiting for the prices of BTC and ETH to fall to extract as many cryptocurrencies as possible. However, this condition is not good for the long term. According to Habicht, the current bearish cryptocurrency market is not a good choice for the future.
“I know so many people just waiting to boost their $BTC $ETH and their main Altcoin positions during the bigger downturns and they are definitely not the only ones. A bearish market is not a good option going forward,” said Habicht.
The last reason is Coinbase’s entry into the Nasdaq exchange this month. Coinbase itself is the largest cryptocurrency exchange in the United States. Thus, Coinbase’s entry into the Nasdaq will make the cryptocurrency even stronger.
On April 2, Coinbase announced that the United States Securities and Exchange Commission (SEC) had approved their S-1 application. The plan is that Coinbase will begin listing on the Nasdaq on April 14.
“We are pleased to announce that earlier today, the SEC declared our S-1 registration statement effective and we expect our immediate listing to occur on April 14, 2021, with our Class A common stock trading on @NASDAQ under the ticker symbol COIN,” the statement read. Coinbase official.
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Author: Muhammad Zaki Fajrul Haq
Follow me at @mzfajrulhaq (Instagram) or @ZakiFajrul (Twitter).