The impending boom of the cryptocurrency space, which is credited to the rise in price value of the digital assets under the market, continues to gain momentum. However, Bitcoin- the leading and most valuable cryptocurrency asset, is credited mainly for most of the fortunes the market is enjoying. On the other hand, Ethereum- the altcoin king, is believed to be a leading force, propelling the altcoin community to success. However, while both digital assets are believed to be leading the crypto space to greatness, the success of other digital assets cannot be ignored. Fortunately, according to crypto data analytics- CoinGecko, this success has now led the space to attain a new height, as its gross market cap is now above $2 trillion.
Bitcoin leads, others follow
Barely three months ago, the market capitalization of the overall Blockchain space was pegged a little over $1 trillion. Fortunately, that market is now worth double that amount, as BItcoin itself has now remained well over the $1 trillion market cap. Since the bubbles of 2017, the crypto market has not had it good like this. Unfortunately, that Bubble of 2017 did not last, like a market crash in fortunes succeeded the god fortunes.
The Bitcoin boom, Ethereum 2.0 launch, and NFT craze have contributed immensely to the Blockchain space’s rapid growth. Another blistering factor behind the boom of the cryptocurrency space has been its adoption. However, most of the Blockchain space’s success is attributed to Bitcoin- the leading and most valuable cryptocurrency in the space.
Bitcoin’s meteoric rise has been adopted by many prominent names like PayPal, Tesla, and Square, who have invested considerable funds in the cryptocurrency. Micheal Saylor-owned Microstrategy already has more than $5 billion worth of funds in its Bitcoin portfolio. Elon Musk-owned Tesla was headlining one of the biggest investments in the digital asset when it invested a whopping $1.5 billion investment in cryptocurrency.
Ethereum is a major contributor
The success of Bitcoin can be attributed to the boom of the cryptocurrency, but other altcoins have not lagged behind. Ethereum, the leading altcoin and the second most valuable digital asset, has continued to provide a home for the young and booming DeFi space. The Ethereum Blockchain Network has also been the host behind the booming NFT space, as the network continues to prove that it is not a walkover.
The launch of the first phase of Ethereum 2.0- Beacon Chain, has been the drive behind the Blockchain network’s meteoric rise. Ethereum 2.0 is believed to improve transaction speed, lower gas fees, and improve the network’s overall fortunes. The network’s market cap at $250 billion is far from that of Bitcoin at more than a trillion, but the network’s impact on the overall Blockchain community cannot be undermined. Fortunately, many other altcoins like Bitcoin Cash, XRP, ADA, and DOT have also been some of the leading names in the cryptocurrency space, as more is expected from the space.