Spurred by a series of rallies that pushed several crypto coins to their highest prices in history, the global cryptocurrency market also recorded a record high last week.
A reflection of the skyrocketing popularity of crypto investments, but also indicative of a bubble that may prove to be unsustainable long-term.
Key Points in Summary:
- The total value of the worldwide cryptocurrency market has surpassed $2 trillion for the first time
- Bitcoin remains the most popular and volatile of all crypto coins, accounting for at least 50% of the entire market worldwide
- Ether is currently trading at an all-time record high of $4,037.16 (as of May 11)
- Platforms like Bitvavo.com that make it easy to sell and buy Bitcoin are playing a major role in making crypto trading mainstream
Ether and Bitcoin Lead the Charge
The past few weeks have seen both ether and bitcoin achieve the kinds of rallies not seen in some time, making a major contribution to the crypto market’s all-time record performance. According to the latest data published, the market capitalization of the crypto coins market has increased by more than 100% over the past two months alone.
This has resulted in the total global value of the cryptocurrency market surpassing estimated $2 trillion for the first time. With more investors and casual traders buying into the space than ever before, the trend looks set to continue for the immediate future at least.
Once again, bitcoin has been credited with much of the forward movement – currently accounting for more than 50% of the entire cryptocurrency market’s value. This year alone has added more than 100% to the value of the bitcoin, which recently hit a new all-time high of $63,000.
Ether Attracts Record Interest
Meanwhile, the digital coin that powers the Ethereum blockchain has also enjoyed an impressive rally over the past few weeks. Ether investor Mark Cuban, who recently told NBC than Ethereum ‘dwarfs’ bitcoin, continues to proclaim that ether is the truest form of digital currency on the crypto landscape so far.
Interest is certainly growing in this crypto coin, with ether having reached a new record high of $4,037.16 as of May 11. This time last year, ether was trading at just $186 – phenomenal growth that has outpaced most crypto coins.
Ether is proving particularly popular among a long list of companies in China and beyond – app maker Meitu recently invested $22.1 million in ether, spurring a major spike in its value.
Despite having once been written off as a passing fad, it’s become increasingly clear that the digital coin is here to stay, it is never late to invest and buy bitcoin. Irrespective of the extent to which its value shifts in one direction or another over the years to come, bitcoin has proved to be a powerhouse of popularity the likes of which none could have predicted.
Major investments by influential companies like Tesla and Square have cemented the reputation of bitcoin as the cryptocurrency of the moment. All the while, major investment banks all over the world are beginning to spearhead projects to enable their high-wealth clients to get in on the crypto scene – Morgan Stanley and Goldman Sachs to name just two.
In the background, bitcoin’s anything but slow rise to fame has fueled the introduction of simple yet intuitive online trading platforms, designed to appeal to both experienced traders and casual investors alike. Platforms like Bitvavo.com simplify all aspects of the process of trading, it has never been easier to buy bitcoin, or any of the other major coins: ripple, Ethereum, iota or helping a new generation of investors find a simplified entry point to the market.
A Question of Sustainability
The debate as to whether or not bitcoin and ether can maintain this kind of momentum long-term continues to rage. On one hand, such stellar performance can be indicative of a bubble, which will inevitably burst at some point in the future.
But at the same time, the performance of the world’s most popular crypto coins to date has surpassed all realistic expectations, proving that anything is possible where the future of cryptocurrency is concerned.
Either way, it’s the sheer volatility of popular coins like these that have made them such appealing targets for experienced traders and casual investors alike. Volatility that is unlikely to change at any point in the near future at least.