Crypto market cap hits $2 trillion

The market value of cryptocurrencies surged beyond $2 trillion for the first time on Monday.

Bitcoin value also hit record levels, with a $1 trillion market cap over one week.

The cryptocurrency was last up 1.4 per cent at $59,000, according to Reuters.

Analysts say that while bitcoin stays above $53,000, it will be able to retain its $1 trillion market cap, the news agency said.

Ethereum, which had the second biggest market cap at $244 billion , was up 1.3 per cent to $2,103.

“Momentum and interest have begun to expand beyond bitcoin and ethereum,” Paolo Ardoino, chief technology officer Bitfinex told Reuters. “As the industry continues to mature, we expect more blockchain-based applications to be introduced to the world, and coinciding with that, a surge of interest around other alternative assets... as they become more market-ready.”

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