Yesterday, the global market value of cryptocurrencies topped the $1 trillion mark, making a major breakthrough. It took ten years. Erik Voorhees, CEO of ShapeShift, a self-service crypto platform, predicted today that this feat will repeat itself in just six months.
“Crypto Market Cap: $1 Trillion. Took ten years. It will take less than six months to get to $2 Trillion,” Voorhees wrote.
In the real world, market value is the total dollar value of the company’s shares calculated by multiplying the total number of shares in issue by the current market price per share. For cryptocurrencies, this similarly refers to the total number of coins in circulation multiplied by the current market price of each coin.
Cryptocurrencies Surpassed the $1 trillion Market cap
Yesterday, the total market value of all cryptocurrencies – at least the total market value recorded by crypto analytics platforms – exceeded the $1 trillion mark. Today the world has approximately $95 trillion in funds, which is roughly 1% of the total value of cryptocurrencies.
In particular, due to the highest market capitalization, the two largest cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) were included in the list of the 100 largest assets. Bitcoin ranks 8th or 11th on various tracking platforms, which means that the total value of all BTC in circulation is higher than that of companies like Visa, Mastercard, Verizon Communications, etc.
If Bitcoin maintains its dominance of around 70% if it meets Voorhees’ guidelines, it will increase its market value to around $1.4 trillion and make it into the top 5 assets – or at least close to gold When it comes to silver.
As Decrypt reported, the chaos on Capitol Hill today further raised the price of Bitcoin and gave Voorhees’ predictions a glimmer of hope.