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    The market capitalization of cryptocurrencies exceeds $ 1 trillion for the first time

    The total market value of all cryptocurrencies first climbed over $ 1 trillion on Thursday as Bitcoin rose to a record high, according to data from cryptocurrency trackers CoinMarketCap and CoinGecko. Bitcoin was up more than 900% to $ 38,655 on Thursday, from $ 3,850 in March as governments ramp up speed to dampen the economic impact of the coronavirus. This raised concerns about rising inflation and the devaluation of the US dollar.

    The cryptocurrency is also gaining ground with more mainstream investors who are increasingly convinced that Bitcoin will be a long-lived asset and not a speculative bubble as some analysts and investors fear. Sergey Nazarov, co-founder of Chainlink, a decentralized network that provides data to smart contracts on the blockchain, said there is a “lack of trust in traditional institutions that is driving this great rally towards cryptocurrencies.”

    “While outsiders may see the cryptocurrency industry valued at over $ 1 trillion as an incredibly significant milestone, in reality our space is still in its very early stages of development and growth,” Nazarov said. Market cap of all cryptocurrencies increased 10% to $ 1.042 trillion on Thursday, data from CoinMarketCap shows. Bitcoin accounts for around 69% of the total market capitalization of the total. It is followed by Ethereum with a 13% stake.

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    (This story has not been edited by Devdiscourse staff and is automatically generated from a syndicated feed.)

    News Highlights:

    • The total market value of all cryptocurrencies first climbed over $ 1 trillion on Thursday as Bitcoin rose to a record high, according to data from cryptocurrency trackers CoinMarketCap and CoinGecko. Market cap of all cryptocurrencies increased 10% to $ 1.042 trillion on Thursday, data from CoinMarketCap shows.
    • The market capitalization of cryptocurrencies exceeds $ 1 trillion for the first time
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