Prices of bitcoin rose to $50,000 level after Apple Inc. became the latest major company to allow bitcoin dealings on its network. Bitcoin and a few other popular cryptocurrencies can now be used for payments using the Apple Pay app.
At the circulation of 18,630,131 bitcoins, the cryptocurrency will hit a market capitalization of $1 trillion at around $53,650 levels. On top, Tesla also declared its $1.5 billion in bitcoin, which sent prices soaring around 18% in a day.
According to the World Bank, the total GDP of Australia stands is around $1.4 trillion. Spanish GDP is valued at around $1.39 trillion. The recent jump in the cryptocurrency market cap means that the total value of digital assets is now more than the Australian and Spanish GDP.
The adoption of crypto currency has increased substantially in the last few months as major financial firms including Mastercard announced their plans to be inclusive of it.
Although, a significant jump in the prices of altcoins offer a substantial challenge to the dominance of Bitcoin. Ethereum, Polkadot, Cardano, Stellar, Dogecoin and Litecoin posted strong gains in the last 6 weeks. Ethereum, the world’s second-largest cryptocurrency is up nearly 150% since the start of 2021. DeFi tokens too have seen phenomenal growth in the last few weeks. Chainlink, Aave, Uniswap, Compound and Synthetix are up more than 200% since the start of this year. The total value locked under DeFi projects crossed $40 billion this week, its highest level on record.
ALTCOINS WITH THEIR MARKET CAP
Ethereum (ETH): $21 Billion.
Bitcoin Cash: $7.7 Billion.
Litecoin: $3.1 Billion.
Dash: $1.3 Billion.
In addition to these four there are more than 5000 Altcoins present in the Crypto trading industry. Some are limited to regions.
Why are they soaring?
Most transactions are done using the Altcoin Blockchain network. For instance, the Ethereum network is used to implement smart contracts. And as the value of Ethereum is low compared to Bitcoin, new investors and traders feel more comfortable trading in Ethereum.
The common sense behind investing in assets is that you have seen how you can increase the return without increasing the risk. Well, you can certainly do with Altcoins Investment. To avoid losing everything, you need to have a hedge against the main investment.
Traders rely on the Bitcoin dominance index to predict whether Bitcoin will outperform altcoins and vice versa. A bullish index is usually not a good sign for the altcoin markets as it indicates that alts may bleed out or Bitcoin may surge faster than other tokens.
Meanwhile, In India crypto market speculated about the future with news of ordinance by Parliament to bring regulations and restrictions for cryptocurrencies, including bitcoin.
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