It was $1.15 trillion on February 5, 2021, when Bitcoin was nearing the $37,800 price mark and Ethereum was at $1,724. Cut to May 3, 2021: Bitcoin is now 53 per cent up at $58,000, Ethereum 83.8 per cent to $3,170, and the combined market cap of all cryptos has now doubled. According to the data from CoinMarketCap, the overall market cap of 9,541 coins had briefly touched the $2.3 trillion mark on Monday as investors’ craze around Bitcoin and other cryptocurrencies continued. The total market cap, however, slipped back a bit to $2.28 trillion at the time of filing this report.
“Though it seems to be a sudden growth within three months, the gain in momentum had started since the beginning of 2020 when many western Institutions began investing in this new asset class. Tesla, Facebook, Paypal, Visa, Mastercard, many hedge funds, and even family institutions had shown interest in cryptocurrency as a hedge against their traditional investments. With these Wall Street stalwarts coming in to support the adoption, we believe that we are still at the beginning of a major curve ahead,” Vikram Subbura, Co-Founder and CEO, Giottus Cryptocurrency Exchange told Financial Express Online.
Investment banks such as Morgan Stanley and JPMorgan have also started offering their wealthy clients access to bitcoin funds. The institutional interest in the crypto ecosystem has been among the key drivers for its