Wild times! The crypto market added nearly $60 billion within the last 24 hours, and has now reached the insane highs of $1.5 trillion. In other words, it has crossed the Australian GDP.
The market of digital assets is now more valuable than the entire Gross Domestic Product of one of the wealthiest nations on the planet.
According to the data published by the World Bank, the total GDP of Australia stands at around $1.4 trillion, while the GDP of Spain is valued at around $1.39 trillion.
This recent jump in the crypto market cap means that the total value of digital assets is now more than the Australian and Spanish GDP.
Since the start of 2021, the cryptocurrency market is up nearly 100% thanks primarily due to the recent rally in Bitcoin and Ethereum. This push has been fueled by interest from institutional investors, as well as corporate giants like Tesla that are investing company cash into the cryptocurrency.
Breaking down the numbers, Bitcoin currently dominates the market with a share of around 61%.
This is sharpy down since the start of 2021, as other digital currencies witnessed a significant jump in price. Altcoins like Ethereum, Polkadot, Cardano, Stellar, Dogecoin, and Litecoin have posted strong gains in the last six weeks.
Ethereum, the world’s second largest cryptocurrency is up nearly 150% since the start of the year, and is currently trading above $1,800 with a total market capitalization of more than $205 billion.
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