Cryptocurrency market value crosses $2 trillion mark for first time

Cryptocurrency market’s total value touched $2 trillion for the first time ever this week as companies continue to offer recognition to such modes of transactions. According to cryptocurrency data tracker CoinGecko(dot)com, cryptocurrency’s market value crossed the $2 trillion mark on Monday evening and then dropped to $1.99 trillion on Tuesday.

Now, cryptocurrencies are valued on par with big conglomerates like Apple and Saudi AramCo who’ve also hit the $2 trillion milestone in the last few years. Over the last two months, the cryptocurrency market has doubled as companies embrace the currencies.

The surge in valuation was caused by Ether, the second-largest digital coin based on market value. This year, its price has increased by 181 per cent, climbing as high $2,151.25 on Monday. Ether is powered by the Ethereum blockchain network, which also hosts the ever-growing market for non-fungible tokens.

Also read: NFTs are neither miracles nor scams

The market has doubled in value in less than two months. Last month, NFT was accepted as a mode of payment by Christie’s auction to sell a Beeple artwork which was sold $69 million.

Twitter CEO Jack Dorsey also endorsed NFTs by selling the first ever tweet through Ether. Tesla mogul Elon Musk isn’t far behind. The SpaceX visionary also said that people may now buy electric vehicles with bitcoin.

Also read: Elon Musk says Tesla customers can buy its electric vehicles with bitcoin

Musk said bitcoin paid to Tesla would not be converted into traditional currency, but he gave few other details on how the bitcoin payments would be processed. The company was using "internal and open source software", he said.