On Monday, the entire crypto-economy managed to achieve a $2 trillion market cap, primarily thanks to the altcoin space seeing an overall rally. One of the biggest performers within the crypto space is undoubtedly XRP. The cryptocurrency managed to skyrocket in value by almost 60% within the past seven days.
Bitcoin Holding More Than Half Of Crypto Market Cap
Coinmarketcap, a heavyweight crypto data provider, has recently revealed on the 5th of April, 2021, that the cryptocurrency space saw a total market capitalization of $2 trillion. This stands as the highest the crypto space has ever been on record. Another massive win for XRP is the fact that its latest rally saw it go past the $0.93 mark, which stands as XRP’s highest price level since May of 2018.
As it stands now, the entire crypto space’s market cap stands at around $1.98 trillion, with Bitcoin consisting of more than half of it at over $1.1 trillion. XRP, in particular, now stands as the 4th largest cryptocurrency by market cap, boasting a price of $0.9958 and a market cap of $44.79 billion, beating out Tether and Polkadot in their spectacular climb.
ETH And XRP Seeing Great Gains
As for Ethereum, the second-largest cryptocurrency in the world, the asset managed to reach a new all-time high of $2,150 yesterday. This occurred thanks to a significant surge in demand by both institutional and retail clients. One of the leading digital asset managers out there, Grayscale, has recently highlighted how Ethereum-related investment products see an increase in institutional interest levels. As it stands now, Grayscale, in particular, boasts around 3.1 million Ether under management, which is worth around $6.5 billion in total.
As for XRP, the asset had seen a spectacular rise since the start of last week, when the cryptocurrency jumped past the $0.93 mark from $0.55 within the past seven days. It seems that the cryptocurrency is edging ever closer to that $1 price tag, having reached $0.99 just a bit earlier.
Another Bullish Cycle For Crypto
XRP and ETH aren’t the only assets to see big gains, however. Binance Coin has recently seen itself push past the $60 billion market cap quite recently, having jumped close to 25% within the last week itself. As it stands now, BNB is trading hands at around $400 and boasting a $61.1 billion market cap.
Time will tell whether these cryptocurrencies will be capable of maintaining this level of price increases or if another “healthy correction” is looming just over the horizon.