The total market value of all cryptocurrencies surpasses the $ 2 trillion level as virtual assets gain wider adoption around the world

Several established financial firms are now giving their customers access to cryptos, which helps the virtual assets.

In a relatively long bull phase, the global market capitalization of cryptocurrencies surpassed the $ 2 trillion mark last month. Experts now predict that Bitcoin, the largest and most sought-after cryptocurrency in the world, will exceed $ 100,000 by the end of 2021. Other cryptocurrencies such as Cardano, XRP and Dogecoin are also expected to do well.

According to a report by NDTV Profit, the market cap of cryptos worldwide rose to over $ 2 trillion in August. Major winners included Bitcoin, Cardano, XRP, and Dogecoin. It cited data from CoinMarketCap to say that the current global crypto market cap is $ 2.29 trillion, up 0.04% from the previous day.

Also read: FOMO to crypto? Here’s what you should know before you take the plunge

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The rapid rise in the value of cryptos is seen by a number of investors as an indication of their worldwide acceptance.

In a rebound that came after a long slump, Bitcoin rebounded above the $ 50,000 mark in August for the first time since May. NDTV Profit said this was because investors were optimistic that more US stimulus spending would translate into bigger profits for the virtual asset. Bitcoin has risen about 81% since hitting an annual low of $ 27,700 in January 2021, the report said.

More recognition

Several established financial firms are now giving their customers access to cryptos, which helps the virtual assets again. For example, PayPal recently said it would allow its UK customers to conduct crypto transactions.

“Two fundamental factors that are likely behind Bitcoin’s advance: Twitter’s potential integration of the coin as a Tip Jar payment option and the official introduction of Bitcoin as legal tender in El Salvador on September 7th,” a Bloomberg report quoted Petr Kozyakov as saying. Co-founder and chief executive officer of the global payments network Mercuryo, as stated in an email. “While we expect the price to be held at $ 50,000, Bitcoin buyers are more optimistic about an even bigger price hike by the end of the year.”

A report from Barron indicated that the regulatory climate is getting tougher. Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), has warned crypto companies not to launch products or services without first registering with regulators. “You shouldn’t come ‘asking for forgiveness’ after launch without doing so,” he quoted him as saying.