The cryptocurrency assets now have a total market cap of more than $1.73 trillion, thanks to the latest surge in Bitcoin, Ethereum and DeFi tokens. The crypto market is now more valuable than the entire GDP of Canada.
According to the latest published report by the International Monetary Fund (IMF), Canada is the 9th largest economy in the world with a GDP of $1.6 trillion. The overall cryptocurrency market cap has now crossed Canadian GDP.
Bitcoin, the world’s largest cryptocurrency has been on the rise since the start of 2021. BTC is now up more than 90% in the last 10 weeks. As of writing, the digital currency is trading near $56,500 with a total market cap of $1.06 trillion. Bitcoin is now more valuable than the total market cap of the South Korean Won (national currency).
Bitcoin is now targeting the market cap of Alphabet. The cryptocurrency recently surpassed the total market cap of Facebook, Tesla, Tencent and Berkshire Hathaway. In addition, BTC’s total market cap is more valuable than the entire GDP of Mexico.
Institutional interest and massive demand from retail investors have accelerated the growth of the cryptocurrency market. Apart from Bitcoin and Ethereum, other digital assets like Binance Coin, Cardano, Polkadot, XRP and Litecoin have performed well in the last few months. The DeFi boom has contributed a lot towards the overall growth of the cryptocurrency market. Aave, Uniswap, Compound and Chainlink are up more than 200% since the start of this year. The growth of the crypto market is helping companies that are working in the blockchain ecosystem. BlockFi, a crypto startup, recently raised $350 million in a Series D funding round and received a valuation of more than $3 billion.
Blockchain startup Sorare closed its Series A funding round earlier this month with $50 million funding. Chiliz (CHZ), a digital currency for sports and entertainment platforms gained more than 1,000% in the last 10 weeks amid a massive boom in non-fungible tokens (NFTs).