$ 2 Trillion Value: Cryptocurrencies Continue to Grow
While cryptocurrencies continue to draw bullish charts, Litecoin (LTC) and Stellar (XLM), and especially Binance Coin (BNB), showed great performances, so to speak. LTC and XLM have risen roughly 15% in the past week, while BNB has increased more than 50%.
Increasing Market Value
With the increase of both Bitcoin and Ethereum, which is the largest cryptocurrency in terms of market value, and altcoins, it is seen that the total cryptocurrency market value has exceeded $ 2 trillion. At this point, it should be noted that Bitcoin constitutes 1.1 trillion dollars of the market value of crypto money.
According to the statements made, especially with the recent increase, the market value of BNB surpassed traditional banks, including Santander. The market value of BNB is currently around $ 88 billion.
In addition to these, increases in other cryptocurrencies also increase the total cryptocurrency market value. For example, Zcash, Litecoin, and IOTA have increased by more than 15% last week, and with all these bullish moves, the total value of the cryptocurrency market has risen to $ 2.1 trillion.
Factors Behind the Increase
Before the rally started in 2020, many analysts stated that the new rally will be managed by institutional investors and therefore the bull run will be different from the others.
Indeed, as the institutional investor rate increased in 2020 and 2021, the Bitcoin price rose and the rally was controlled by institutional investors in a way. For example; While MicroStrategy announced that it accepted Bitcoin as a reserve asset, Tesla began to accept Bitcoin as a payment method.
In addition to these, traditional banks are now more interested in cryptocurrencies . Because bank officials think that the demands coming in this direction cannot be ignored anymore.