The world’s cryptocurrency is presently worth more than one trillion, with bitcoin accounting for a large majority of the value. The cost of the oldest virtual currency has risen to almost $40,000, pushing the value of all bitcoins in circulation up to more than $700 billion.
On Thursday, the cost of a single Bitcoin, probably the oldest virtual currency, topped $40,000 for the first time, according to Business Insider. The 12 percent increase on the day pushed the total value of Bitcoin to over $700 billion and all cryptocurrency to more than one trillion for the very first time.
Measured by market cap, the crypto asset class has virtually doubled over the past month as Bitcoin (BTC) broke out to new all-time highs and Ether (ETH) cleared $1,100 for the first time in 3 years. Combined, both assets account for roughly two-thirds of the entire market.
If the past year has proven anything, it’s that cryptocurrencies have a lot more lasting power than the naysayers thought. And that a summary of the best cryptocurrencies to invest in is most certainly a worthwhile endeavor.
Cameron and Tyler Winklevoss, brothers who became famous for their legal battle with Mark Zuckerberg over the origins of Facebook, are also major holders of bitcoins. At the peak of the last bitcoin boom in 2017, the Winklevoss brothers had $1.3 billion in bitcoin, according to The New York Times. That same bitcoin hoard would be worth $2.6 billion today.
While bitcoin is undoubtedly playing a huge role in these movements, they are also being driven by alternative cryptocurrencies, known as altcoins, making significant gains. In the last five days Ethereum, XRP, stellar, chainlink, litecoin, bitcoin cash, tezos and cardano have each provided returns in excess of 20%. The headliner is stellar, which gained 138%. If bitcoin continues to climb, perhaps aided by additional stimulus measures following the inauguration of Joseph Biden as the 46th president of the United States USM , altcoins could be poised for additional future growth as they typically follow bitcoin’s lead.