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

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Mark Cuban, billionaire and investor said that he owns a lot of Ether. He added that the digital token is the “closest we have to a true currency.”

Growing interest in cryptocurrency market

Meanwhile, Bitcoin remains on the throne of the crypto market. The digital currency saw an immense increase over the last few months, and a large endorsement by well-established financial institutions. Some names include: Grayscale, Goldman Sachs, Square (NASDAQ: SQ) Ark Investment (NASDAQ: ARKK), and even car manufacturers such as Tesla (NASDAQ: TSLA).

The electric car manufacturer invested $1.5 billion in the digital token and allowed buying Tesla cars with Bitcoin. On the other hand, Morgan Stanley became the first large U.S. bank to offer its wealth management clients Bitcoin.

The interest in cryptocurrencies rose amid the Covid-19 pandemic. Many traders believe that the digital token can be used as a hedge against inflation, and some started adding it to their portfolio instead of gold. However, the high volatility in the cryptocurrency market will continue to block Bitcoin from replacing gold or fiat money.