Bitcoin’s $1 trillion market enters 10th consecutive day as crypto exceeds US banking giants

  • Bitcoin enters day 10 above $1 trillion market cap
  • Altcoins drive global crypto market cap past the US banking industry
  • Global crypto market cap hits $2 trillion for the first time

The cryptocurrency market has continued its persistent growth with bitcoin entering the tenth straight day above the $1 trillion total market value since March 26. The general crypto market has remained resilient as well helping push digital currencies above the American banking sector. The latest “Week On-chain” report by analytics firm Glassnodes indicates that the king of cryptocurrencies has been enjoying its stay above the $1 trillion market capitalization for ten straight days for the first time ever. 

According to Glassnodes, this is a strong sign of trust in bitcoin and the entire cryptocurrency industry. The global digital assets market is continuing to swell past the $2 trillion mark which made the papers yesterday on April 5. At press time, the total market value of the crypto market stands at $2.04, representing a 4 percent growth over the last 24 hours. The  head of analytics company Bianco Research, noted that the market value pushes the cryptocurrency market past the total valuation of the United States banking industry. 

Bitcoin strong above trillion-dollar market capitalization

It is only the third time bitcoin has reached the $1 trillion mark after hitting the landmark on February 19th for the first time. However, the flagship cryptocurrency immediately submerged back to 12 figures for almost three weeks. Bitcoin hit the trillion dollar mark again for the second time on March 9 but unfortunately it pulled back again to $950 billion mark. 

Bitcoin displayed its resilience again on March 26 pushing its way back above the $1 trillion mark, and has been up there ever since. At the time of writing, the total market capitalization of bitcoin stands at $1.12 trillion as per Trading View data. Glassnodes has also noted that BTC valued at $1.98 million has been transferred within the network during the time BTC market cap has held above $1 trillion, representing almost 11 percent of BTC’s circulating supply. Bitcoin is currently trading at $58,426. 

Altcoins driving crypto market cap

Although bitcoin has been impressive over the last ten days, altcoins have massively contributed to the cryptocurrency market cap hitting $2 billion on Monday. The second largest cryptocurrency comfortably rests above the $2,000 mark after a 5 percent gain. XRP remains to be the best performer after gaining more than 75 percent over the last week. 

Coinmarketcap data revealed on April 5 that the entire digital assets market touched $2 trillion milestone level for the first time. At the time of writing, the global cryptocurrency market cap stands at $1.937. The latest rally by altcoins pushed down bitcoin’s dominance to below 56 percent. 

Bitcoin’s $1 trillion market enters 10th consecutive day as crypto exceeds US banking giants 1
Global crypto market cap: Tradingview

The best performing altcoin, XRP broke past $0.93 price level for the first time in almost three years during the latest rally. The rally saw XRP break into the top 4 largest cryptocurrencies by market cap after hitting $46 billion, which is more than Uniswap, Cardano and Litecoin. 

Yesterday Ethereum touched its all-time high of $2,150 after the recent altcoins rally driven by a major increase in both retail and institutional demand. At the time of writing Ethereum is trading at a market price of $2,119.46 as per Coinmarketcap data. Other notable altcoins include BNB gaining $12 percent, BCH with 13 percent, and LTC with 11 percent over the previous 24 hours.