NEW YORK—Cryptocurrency has passed a major milestone—reaching a market capitalization of $2 trillion.
In total, 8,884 types of cryptocurrency are worth more than $2 trillion, News.com.au reported.
“The $2-trillion marker is a huge achievement considering that the world’s first ever decentralized cryptocurrency, Bitcoin, launched in 2009 with a single coin selling for less than a cent,” News.com.au said.
It’s not the first time the digital currency has surged past $2 trillion. In April, when cryptocurrency peaked to its highest ever levels, it reached the 12-digit number – before dropping dramatically.
A huge chunk of cryptocurrency’s market cap is thanks to Bitcoin, which recently surged to its highest level since its all-time high back in May, the report noted. Bitcoin has a market capitalization of $894 billion.