Cryptocurrency passes massive $2 trillion

Over the weekend, cryptocurrency reached a significant milestone when it reached a market capitalisation in the staggering $US2 trillion (or A2.7 trillion) for the first time.

CoinGecko tracks 8884 cryptocurrency coins and found that between them, they were now worth $2,108,466,906,329 ($A2.8 trillion) at time of writing.

This means that the total value of all 8884 cryptocurrency types is more than $2 trillion.

This is an incredible achievement, considering bitcoin launched in 2009 as the first decentralised cryptocurrency. It was launched with just one coin.

This is not the first time that digital currency has surpassed $2 trillion. It reached the 12-digit mark in April, just before it plunged dramatically.

Bitcoin is responsible for a large portion of cryptocurrency’s market capital. It surged to its highest level since May, when it reached its all-time high.

Bitcoin was worth $48,152 (A65,439), but it fell to $47,526 (A64,639) Monday.

Its market capitalization is $US894 trillion ($A1.2 Trillion). This makes it less than half of all cryptocurrency’s total value.

Major players in digital coin world

There are over 8000 different types of cryptocurrency available on the market. Other than bitcoin, there are many other cryptocurrency that have contributed significantly to the $US2 Trillion market capitalisation.

Ethereum is the second-most valuable crypto token. It’s worth $US3290 (A4484) per coin and has a market capitalisation $US387 billion (A526 billion) as of this writing.

Ethereum was first traded in 2015, with one coin that had a value of $A3.76.

Cardano is the third most valuable cryptocurrency.

Cardano rose by 47% in the past week.

According to CoinGecko, during the same time period, binance coin rose 14 percent, XRP rose 61%, and dogecoin rose 18%.

This is the second consecutive time that crypto has surpassed the $US2 trillion mark.

It seems to have held so far, and was well into the trillions mid-Monday.

The crypto market cap reached $US2.02 Trillion on April 6, 2018.

Bitcoin reached an all-time high of $US50,000 (A68,000) on May 16.

However, prices began to fall after that.

Bitcoin Prices Climb Above $41K; Ethereum Surges After Software Upgrade

Global crypto market market capitalization has increased by 2.97% in the past day to $1.68 trillion. Bitcoin is the most traded crypto by trading volume and m-capitalization. Bitcoin was quoted at $41,607.

Ripple, Tether and Cardano were also among the cryptos that traded in the green with gains of between 0.05-1.6%. Filecoin was the strongest, while Chainlink and Ethereum Classic were lower.

After a major software update on Thursday, Ether crypto saw some traction. On an intra-day basis, the cryptocurrency saw a surge of more than 4 percent. Ethereum was last trading at $2868. The Ethereum Improvement Proposal 1559, also known as the adjustment, will see the reform of how transactions are processed on the Ethereum network. The upgrade will primarily result in stabilization of transaction fees. It will also reduce Ether crypto supply, making it more valuable.

Mudrex, a global algorithm-based crypto trading system on positive momentum in cryptos, Edul Patel, CEO and co-founder said that ‘Ethereum rallied and traded volumes exceeding Bitcoin speaks to the positive momentum within the largest Altcoin. The crypto community was pleased with Ethereum’s most recent upgrade. He added that trade volumes had increased dramatically.

Digital tokens such as Terra, Uniswap and Polkadot are up to 20% on a weekly basis.

MicroStrategy Pledges to Add More Bitcoin to Balance Sheet

MicroStrategy, a publicly traded business intelligence company, has pledged to add Bitcoin to its corporate balance sheet which already contains 105,000 BTC and is valued at approximately $4 billion.

MicroStrategy CEO Michael Saylor stated that he was pleased with the implementation of his digital asset strategy. We were able to increase our digital holdings by raising capital. They now total more than 105,000 bitcoins. We plan to continue investing additional capital in our digital asset strategy.

Speaking during a live video call with investors Thursday, CEO Michael Saylor and CFO Phong Li struck a defiant tone at a time when the mainstream press has taken aim at the firm for its focus on accumulating Bitcoin amid its recent market downturn.

Saylor, however, did not seem to be fazed by the criticism. He stated: “Our macro strategy was to acquire and hold Bitcoin. We will help to explain Bitcoin to regulators, the public, and the media.

“We believe that acquiring Bitcoin right now is a smart move. He said that he feels like there is an opportunity to grab as much of the land as possible right now.

Saylor stated that he was pleased with the investment, and described an improving economic climate for Bitcoin in spite of negative news catalysts which have apparently deterred retail investors.

“The China exodus was a great thing for Bitcoin. Saylor stated that the result was a global decentralization in mining. “Long-term, the Westernization Bitcoin is good for Bitcoin and the U.S. dollar as well as Western technology.

Saylor was still available for questions during the question-and answer portion of the event. Saylor was asked if the company would be open to investing in crypto assets such as Ethereum.

Saylor responded, “Our strategy is to concentrate on Bitcoin. It’s possible to plug Bitcoin into the digital economy, and it makes everything more efficient. Bitcoin is the solution to everything.

Simply holding Bitcoin is the best and most risk-free investment strategy.

Phong Li, for his part, supported Saylor’s assertions that the investment has ‘generated substantial wealth for shareholders’ while noting that the company still needs to deploy its Bitcoin strategy.

Saylor stated that Bitcoin was the most popular financial asset ever created, and is growing at an accelerating rate.
“If you go back twelve months, it’s difficult to find any publicly traded companies that have Bitcoin on their balance sheets. You now have more than a dozen companies that have billions in Bitcoin on their balance sheets.

Saylor spoke out about the future of MicroStragey and stated that “Going forward, you can expect us to purchase additional bitcoin.”

Bitcoin Will Replace Fiat Currency by 2050, Panel of Experts Says

A new survey of crypto experts found 

that Bitcoin will replace fiat currency in 2050. Surprisingly, 54% of panelists believe that hyperbitcoinization (when Bitcoin takes over global finance) will occur by 2050.

According to the Finder survey, which was conducted by 42 cryptocurrency experts, 29% believe it will happen in 2035, and 20% in 2040.

However, 44% of panelists do not expect hyperbitcoinization ever to occur.

The majority of panelists (61%) believe Bitcoin is undervalued. On average, the panel predicts Bitcoin will end 2021 at $66,284, 28% more than its December 2020 end-of-2020 prediction and 30% less than its April end-of-2021 prediction.

Martin Frohler from Morpher, CEO, is the most bullish of the panel about Bitcoin. He predicts that prices will rise by $160,000 at the end of the year and believes increased adoption will drive prices up.

Frohler stated in a statement that Bitcoin will rise to six figures if it is adopted by institutions and corporations, and paired with loose monetary policies and high asset inflation.

In the next halving cycle, there will be an increase in adoption of Bitcoin by developing countries as a legal tender. By 2030, Bitcoin will have overtaken gold as a global reserve currency.

Thomson Reuters futurist Joseph Raczynski and Arcane Crypto analyst Vetle Leunde give their end-of-year predictions at $75,000 and $120,000 respectively. They attribute their predictions to the move towards institutionalization of Bitcoin.

Lunde stated in the statement that ‘We are in the middle of the institutionalization Bitcoin. “More funds are entering the space, the country that adopted Bitcoin as legal tender has several exchange-listed companies owning Bitcoin. This trend is expected to continue.

However, some experts are extremely bearish. John Hawkins, a senior lecturer at the University of Canberra, has a $20,000 end-of-year forecast and believes that Bitcoin adoption by countries will have a negative effect on its price.

“I assume El Salvador adopts it as legal tender. This puts a floor for a time. They may also remove the legal tender status if the price drops a lot.

According to CoinMarketCap, Bitcoin fell below $30,000 mark this morning. It stands at $29,700. This is 5.1% less than the previous 24 hours.

Bitcoin Mining in China Slumped Even Before Beijing Crackdown: Research

Research by the University of Cambridge on Thursday showed that China’s share of global Bitcoin production power dropped sharply before its recent crackdown on cryptocurrency mining.

China has been the center of global cryptocurrency miners, an energy-intensive process. Many Bitcoin miner in China use coal and fossil fuels, raising concerns about Bitcoin’s impact on the environment. The Indian Bitcoin price was Rs. As of July 15, 2013, 24.1 lakhs had been sold at 1:30 IST.

According to data from the Cambridge Centre for Alternative Finance, the country’s share in the power of Bitcoin-connected computers, also known as the ‘hashrate’, fell to 46 percent in April from 75.5 percent September 2019.

The United States’ hash rate share grew to 16.8% from just over 4 % during the same time period. This makes it the second largest producer of Bitcoin. The Kazakhstani share grew to 8 percent, while Russia and Iran were the other major producers.

This research provides a rare insight into global trends in Bitcoin mining. There are increasing concerns from Tesla about how the cryptocurrency is made.

China’s cabinet cracked down on Bitcoin mining and trading in May due to financial risks.

Anhui in eastern China was the latest province to ban cryptocurrency mining.

Several Chinese mining hubs, including Sichuan and Inner Mongolia, have taken detailed steps to eradicate the business. This has paralysed the mining sector as miners move to Texas and Kazakhstan or dump their machines.

Bitmain, China’s largest manufacturer of cryptocurrency mining machines stopped selling last month following Beijing’s mining ban. It stated that it was seeking power supplies abroad in countries like the United States, Russia and Kazakhstan.