The cryptocurrency market passed a major milestone Monday, passing $2 trillion market capitalization.
The crypto market was boosted by bitcoin, which currently makes up over $1 trillion of the total market’s valuation. According to Reuters, analysts say that as long as bitcoin stays above $53,000, it will maintain its $1 trillion valuation. As of the time of writing, bitcoin was sitting comfortably at $58,739.
Ethereum came in second-place, with a market capitalization of $244 billion. The cost of bitcoin has risen more than 100% this year alone, while Ethereum has risen almost 190%.
At the same time, according to The Block, bitcoin mining has hit an all-new level of difficulty. As of April 1, “adjusted to 23.14 Trillion on 2:00 UTC time Friday, constituting a 5.82% jump compared to the record on March 20. The latest adjustment is the biggest in percentage terms since January 9, which signals a more considerable amount of bitcoin mining hardware has recently hit the market and subsequently plugged in.”