As crypto-currency enters its fastest growth quarter ever, things are looking up for it. The global crypto-currency market continues to grow past the $2 trillion mark that garnered attention yesterday. At the time of writing, the total market capitalization was $2.06 trillion, up 4.9% from the previous trading day. According to Jim Bianco, head of analytics firm Bianco Research, this valuation now makes crypto more valuable than the US banking system.
Crypto-currency doubled in 2021
In the chart attached to Bianco's tweet, the value of the crypto-currency doubled in 2021, putting it ahead of the value of the S&P Composite 1500 Bank Index, which tracks the performance of publicly traded U.S. banking institutions. Bianco doesn't want to stop there.If the crypto-currency doubles again, it will outperform the entire U.S. financial system, including banks, brokers, insurance companies, foreign exchange firms and asset managers.
At the same time, Bitcoin managed to maintain a scale of more than $1 trillion for 10 days, breaking the record of the largest crypto-currency in the world. The coin rose 3.4% overnight and hovered below $60,000. While this is undoubtedly impressive, the rest of the market offsets most of the crypto currency's gains. Ethereum is comfortably above $2000 due to a 5% gain. Other big players include BINANCE Coin, which is up 12%, Litecoin is up 11%, Bitcoin Cash is up 13% and Ripple is up nearly 30%.
The stock market has benefited from the accelerated recovery of the U.S. economy and crypto-currencies are feeling the benefits of a more active investment community.
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