fbpx
BUSINESS & ECONOMYCapital MarketINTERNATIONAL

Cryptocurrency Market Records Impressive Growth of $511.5 billion

Cryptocurrency Market Now Valued At $2trn

The year 2020 has witnessed an impressive growth of the cryptocurrency market, with digital coins performing as a store of value amid the COVID-19 crisis.

Data analysed by Finaria shows that the combined market capitalization of Bitcoin, Ethereum, and XRP, as the three leading crypto coins, hit $511.5 billion in December, a 235% increase Year-over-Year (YoY).

Three-Digit Growth Amid COVID-19 Crisis

After an impressive performance in the first months of 2020, the combined market cap of Bitcoin, Ethereum, and XRP dropped to $108.1 billion on March 15th, revealed the CoinMarketCap. However, statistics show digital coins recovered in the following months, with their values ​​jumping high above January and February levels.

By the end of the second quarter of 2020, the top three cryptocurrencies’ combined market capitalization rose to $201.5 billion, a 30% increase since the beginning of the year. The impressive growth continued in the third quarter, with this figure surging to $284.7 billion in September.

Statistics indicate the combined market cap of Bitcoin, Ethereum and XRP jumped by almost 80% in the last three months, reaching $511.5 billion this week.

READ ALSO: BREAKING: Finally, ASUU Suspends Strike

As the world’s leading cryptocurrency, Bitcoin witnessed a 224% increase in market capitalization since the beginning of the year. After a sharp fall to $88.96 billion in March, the combined value of all Bitcoins circulating in the crypto space surged to $168 billion in June. During the second half of the year, this figure jumped by 150% and hit $419 billion this week.

Ethereum Market Cap Soared by 387% in 2020

However, the CoinMarketcap data indicate that Ethereum witnessed the most impressive growth among the top three cryptocurrencies this year.

In January, the market capitalization of the second-largest cryptocurrency globally amounted to $14.2 billion. After a drop to $12.9 billion in March, the combined value of all Ethereum coins hit $25.1 billion in June and continued rising. By the middle of September, this figure doubled and reached $53.7 billion.

Statistics show the Ethereum market cap surged by 387% since the beginning of 2020 and hit $68.8 billion this week. The BitInfoCharts data also revealed the world’s second-largest crypto coin witnessed impressive growth in the number of daily transactions, rising from 537,800 in March to 1.1 million in December.

As the world’s third-leading cryptocurrency, XRP witnessed a 152% market cap increase, with the figure growing from $9.4 billion in December 2019 to $23.7 billion this week.

About Author

Aina Adepeju is a Mass Communication graduate. She loves photography, she is a Member of the Nigerian Institute of Public Relations (NIPR) and Advertising Practitioners Council of Nigeria (APCON). Adepeju can be reached via [email protected]

Comment here

This site uses Akismet to reduce spam. Learn how your comment data is processed.