The article below was written by Jamie Redman, a financial and tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011 and has a passion for Bitcoin, open-source code, and decentralized applications. The article was published on news.bitcoin.com on April 10, 2021.
According to usdebtclock.org, the cryptocurrency market cap of over $2 trillion is bigger than the GDP of 23 of the countries listed on the World Debt Clock page.
The seven countries with a bigger GDP than the Market CAP of cryptocurrencies are the United States ($21.660 trillion), China ($14.864 trillion), Japan ($5.412 trillion), Germany $3.782 trillion), the United Kingdom ($3.272 trillion), India ($3.107 trillion), and France ($2.698 trillion).
Of the countries displayed, the U.S. had the greatest amount of national debt, nearly twice as much as Japan with ($14.7 trillion) and over three times the debt of China at ($8.031 trillion).
With all National Currencies being FIAT (not backed by anything except the word of the government), every country has been printing money on overdrive since the 2008 U.S. Housing Market collapse which affected the whole world.
This overprinting has devalued the currencies of nearly every country, and when you add in inflation, the buying power of those currencies has drastically been reduced.
CRYPTOCURRENCY MASS ADOPTION
As more banks, financial institutions, and high network individuals put more money into cryptocurrencies, the Market CAP will continue to grow.
As Blockchain technology starts to replace some of the archaic technology in the banking system, some of the cryptocurrencies that ride on blockchain will increase in value.
Now is the best time to get involved with cryptocurrencies as the volatility is starting to ween and prices stabilize.
Cryptocurrency Market CAP Passes $2 Trillion
The growth in cryptocurrencies over the last few years has seen an increase in the value of some coins go up in the 1000s of percent and has generated gains that would take centuries to achieve in the stock market when you look at estimated annual returns of 10 percent.
There are several ways for you to earn with cryptocurrencies:
- Buy and hold and wait for the price to increase!
- Cryptocurrency Trading
- Cryptocurrency Mining
As always, conduct your own due diligence so that you make an educated decision instead of one based on emotions.
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Bitcoin Price Jumps Over the $60K Zone, Crypto Economy’s Market Cap Climbs Above $2 Trillion
Cryptocurrency markets have gathered fresh gains this weekend, as bitcoin’s value spiked above the $60k handle touching $61,222 per unit during the early morning trading sessions on Saturday (EST). Moreover, a number of digital assets saw price jumps as well, as the entire market capitalization of all 9,190 crypto-assets in existence is over $2 trillion today.
A touch after 1 a.m. (Eastern Standard) on Saturday, the market valuation of the entire crypto-economy jumped 3% higher. Bitcoin (BTC) touched a high of $61,222 per unit coming awfully close to the all-time high (ATH) the crypto asset captured last month. Currently, BTC is trading just above the $60k handle after losing some of the gains from the hours prior. BTC is still up over 2% today and has a market cap of around $1.1 trillion.
The second-largest market held by ethereum (ETH) is up 3% on Saturday and each ETH is swapping for $2,144 per unit. While BTC’s market dominance among the 9,190 crypto-assets in existence is 55%, ether markets captured 12.1% this weekend. Three digital assets command just above 2% or more of the entire crypto economy’s valuation which includes BNB, USDT, and XRP.
BNB is up a lot on Saturday, as 24-hour stats show the token is swapping for $478 per unit and has gained more than 7% during the last 24 hours. XRP is up a whopping 20% against the U.S. dollar and is trading for $1.22 per coin.
The biggest gainer today is bit-z token (BZ), which has climbed a whopping +16,448% today and is followed by electrify asia token (ELEC) up over 200%.
Saturday’s biggest losing crypto market belongs to beetle coin (BEET), which has lost over 53% and then thrive token (THRT) is down more than 38%. At press time some market cap aggregators say the valuation of the entire crypto-economy is $2.04 trillion while others say $2.033 trillion on Saturday morning.