The total value of all cryptocurrencies has surpassed $1 trillion for the first time ever, with bitcoin leading the charge. BTC is now trading above $37,000 and has a market capitalization of $690 billion. Ether is near $1,200, with a market cap of $136 billion.

Currently, bitcoin represents about 69% of the crypto market’s value. Over the last 12 months, the cryptocurrency’s nearly parabolic rise came as a result of institutional investors and publicly traded corporations investing in it. Retail investors have followed their lead.

This month alone BTC’s price has already moved up 25%, in a move that followed a 300% rise last year. Ethereum also soared over the last 12 months to now hit levels that hadn’t been seen since January 2018.

Companies like One River Asset Management, Ruffer Investment, MassMutual, and Square have bought millions worth of BTC over the last few months. MicroStrategy is known for putting in $1.125 billion in BTC, which are now worth $2.6 billion.

Some analysts point out altcoins have also been contributing, with some altcoin indexes rallying as much as 30% this month.

Source: https://www.cryptocompare.com/email-updates/daily/2021/jan/07/