Bitcoin Inching towards Market Cap of $1 Trillion

Bitcoin is inching closer to the $1 trillion valuations as the price of Bitcoin continues to move up. In less than 24 hours, the price of Bitcoin jumped and added $150 billion to the crypto market cap.

Moments away from $1 trillion

The total market valuation of the cryptocurrency market is now $980 billion with Bitcoin reaching new all-time highs of $39,540.94. Data suggests that the $1 trillion valuations may not be too far away because of the significant rise in prices in the past one day. Bitcoin alone now accounts for $725 billion in market cap.

Ethereum continues to be the top-performing asset among major cryptocurrencies. In the past 7 days, its market cap jumped by 60% and is now worth $130 billion. The price of the Ethereum is over $1,120. Other cryptocurrencies are also gaining momentum with Litecoin, Cardano, and Polkadot adding sizeable value in the past few days. Litecoin also rose up significantly and left XRP behind to become the fourth-most valuable crypto in the world.

Not all cryptos are having fun

XRP was the fourth most valuable cryptocurrency in the world. However, the token faced issues after the US Securities and Exchange Commission (SEC) filed a lawsuit against XRP issuer Ripple and its top executives. The agency said that the company sold unregistered securities. Since then, several crypto exchanges have delisted the currency and some top crypto asset managers also dumped their holdings. XRP slipped quickly in rankings post that.

Other cryptocurrencies like Stellar and Cardano have also performed better than top cryptocurrencies. Stellar made 60% gains in just 24 hours and its total market cap touched $5 billion. In the past 7 days, its valuation has increased by 70%. The rally was not just fueled by the ongoing crypto price rally, but also because of a recent announcement by the Ministry of Digital Transformation of Ukraine which will work with Stellar Development Foundation. Both will introduce digital assets to the Ukrainian economy.