The Cryptocurrency Market Blasts above $2 Trillion for the First Time, Ether Hits new All-Time High

cryptocurrency market
cryptocurrency market

The market capitalization of the cryptocurrencies has blasted above the $2 trillion mark for the first time in history on Monday. The increase followed a rally by the second largest cryptocurrency – Ethereum. The cryptocurrency market value has more than doubled in less than 3 months.

Meanwhile, Bitcoin stands as the leader of all cryptocurrencies trading at the $59,000 mark on Tuesday. The largest digital token by market cap and price soared 100% in 2021 alone. Well-established financial institutions expect it to reach $400,000. On the other hand, Ether broke a new price record topping the $2,150 mark, with a market cap of $243 million.

Ether and the price of other altcoins were linked to Bitcoin in the past. However, this time Ether seems to be driving the market boosts, after the development of its network Ethereum 2.0 release. In fact, Ethereum is the technology behind the non-fungible tokens (NFTs) which are being sold for millions of dollars later. Ether is up more than 180% year-to-date.