It’s no secret that 2020 witnessed some major milestones where cryptocurrency is concerned. However, the new year has kickstarted with an even bigger record as the cryptocurrency market value topped $1 trillion for the first time.
Following this news, Messari’s senior analyst said that cryptocurrencies might even get ahead in lesser time than tech giants such as Apple. He tweeted: “It took Apple 42 years to hit $1 trillion and another 2 years to hit $2 trillion. Crypto hit $1 trillion in 1/4 the time. Wouldn’t be surprised if the same held true for the second.”
It took Apple 42 years to hit $1 trillion and another 2 years to hit $2 trillion.
Crypto hit $1 trillion in 1/4 the time
Wouldn’t be surprised if the same held true for the second 😉
— Jack Purdy (@jpurd17) January 7, 2021
While the comment attracted a varied response, most were in support of Purdy. Alon Goren, founder of Draper Goren Holm, a venture studio for early-stage blockchain startups, is also bullish about the industry achieving the $2 trillion landmark. He replied with “Faster.”
Sharing a similar sentiment, founder of crypto exchange ShapeShift Erik Voorhees went as further to claim that the $2 trillion cap is barely six months away. He tweeted: “Took ten years. It will take less than six months to get to $2 Trillion.”
The main reason for this was Bitcoin almost reaching $38,000 smashing all its previous records. In fact, Bitcoin’s value saw a rise of circa 380% in the past year. The digital asset accounts for nearly 70% of the entire cryptocurrency market cap. Furthermore, financial firms expect the figure will only skyrocket further. JP Morgan tipped investors that Bitcoin might to go as high as $140,000.
To add on, Ripple surged by 30% to $0.30, Ethereum jumped by 7% to $1,120, Binance Coin by 6% to $44.
Per data from CoinGecko, the crypto sector climbed five-fold last year. Indeed, the sector is getting hotter and hotter.