In ten years since Bitcoin’s inception, the crypto market has always possessed a fabled prophecy, hitting a total market cap of $1-Trillion. And at the beginning of 2021, the crypto market has done just that, surpassed and smashed past $1-Trillion.
At the time Bitcoin hit its previous all-time high of $40,000, it was a total of 51% of the entire market cap of silver, 6% of Gold’s total market cap, and 8.9% of the market cap of the Euro. Bitcoin has officially transacted $10,000,000,000,000 across its entire network during its lifetime. These are staggering figures (Source).
While Bitcoin dipped after hitting 2x its 2017 ATH, it quickly bounced back as investors continue to enter the market. Venture Capitalist and Engineer Chamath Palihapitiya recently called Bitcoin - insurance against uncertainty. He said, “So just in case, we really do need to have some kind of, you know, insurance we can keep under our pillow that gives us some access to an uncorrelated hedge.” (CoinTelegraph)
One of the main reasons driving Bitcoin’s price action is its inherent scarcity. Bitcoin isn’t the only thing becoming increasingly scarce. Exchanges are running out of Ethereum, and ETH reserves plunged 27% in 48-hours. With only 8-million Ethereum left on exchanges, over $20-Billion locked in DeFi, and hundreds of thousands of ETH staked in ETH 2.0 - the supply shock is also hitting Ethereum (CoinTelegraph).
Due to Ethereum’s supply shock and skyrocketing valuation, ETH gas prices, the cost it takes to send a transaction, have also risen. Since 2017, everyone has wondered which project would be a true Ethereum competitor, which became a huge catalyst for the 2017 bullrun with Cardano, EOS, NEO, and more taking center stage.
However, in 2021, the real-winner thus far is Polkadot (DOT). Polkadot’s price hit record highs, hitting nearly $15 and over a $10-Billion market cap (DeCrypt). What sets Polkadot apart is that it’s scalable, interoperable, but most importantly, the sheer amount of developer activity the network has been seeing. This will bring about a wide variety of scalable DAPPS & DeFi tools, many believe will give Ethereum a run for its money.Time will tell.
At the top of the tech bubble in 2000, the NASDAQ composite was worth $6.71-Trillion. This has left many to wonder if we will see the top of the crypto bubble mirror this, adjusted for the massive inflation which has taken place since then, of course.
One thing is for certain, things are heating up. And the $1-Trillion milestone for the crypto market appears to be the launchpad of its atmospheric take-off.
Top Market Movers
- Voyager Token (VGX) +136%
- Avalanche (AVAX) +102%
- Zcash (ZEC) +52%
- Polkadot (DOT) +35%
Elrond is Now Live on Voyager!
Elrond (EGLD) was the 56th digital asset to be added to Voyager’s platform. As of yesterday, EGLD is officially live for buying & trading on the Voyager app!
Elrond defines itself as “a highly scalable, fast and secure blockchain platform for distributed apps, enterprise use cases and the new internet economy.” In other words, Elrond is a blockchain protocol that aims to provide extremely fast transaction speeds by using sharding. This includes fintech, DeFi, and the Internet of Things. The unique thing about Elrond and its primary selling point is its high scalability. Elrond says that it is the “first blockchain network in which state, network and transaction sharding have all been implemented. According to its economics paper, it seeks to build up its ecosystem and establish EGLD as a store-of-value asset.”
Download the Voyager app now and start trading EGLD today!
Voyager Crosses 500MM Assets Under Management
As of today, Voyager has crossed 500MM Assets Under Management (AUM). This announcement quickly follows our Monday’s news that we had crossed 350MM AUM, a 52% increase from the $230MM AUM at the end of 2020.
"The significant growth in our assets in such a short time frame shows the power of the Voyager model," said Steve Ehrlich, Co-founder and CEO of Voyager. "Voyager's AUM continues to grow exponentially, as well as the growth of daily net deposits and new accounts on the platform."
Click here to read more about how much Voyager has grown already this year.
Cointelegraph > "Google searches for 'Ethereum' hit all-time high"