As Ethereum surpassed the $3,900 mark, data from 8MarketCap showed that yesterday Ethereum’s market value soared to $476.39 billion, making it the 20th largest asset globally, surpassing SPDR S&P 500 ETF Trust’s $473.51 billion and trailing behind Walmart, ranked 19th, by less than $7 billion.
After experiencing a market downturn in the early hours of March 7th, both Bitcoin and Ethereum almost recouped their gains yesterday (8th). At the time of writing, Bitcoin was trading at $68,372, with a 24-hour increase of 2.1%, while Ethereum was trading at $3,975, with a 24-hour increase of 4.75%.
With Ethereum now ranking as the 20th largest asset globally, Bitcoin also climbed to the 9th spot with a total market value of $1.335 trillion, surpassing Meta Platforms owned by Zuckerberg and trailing behind silver by only $50 billion.
Furthermore, as Bitcoin reclaimed the $68,000 mark, its market value reached around $1 trillion, making it the 9th largest asset globally. This surpassed Meta Platforms owned by Zuckerberg and was only $50 billion lower than the market value of silver.
According to a report by The Block on March 8th, since the approval of the Bitcoin spot ETF by the U.S. SEC on January 11th, the daily trading volume of cryptocurrencies on centralized exchanges (CEX) reached $97.4 billion as of March 6th, approaching the $100 billion mark for the first time in 2021.
It is worth noting that this figure was only $24 billion in early February, indicating that the bear market in cryptocurrencies seems to be gradually receding, and the bull market is slowly approaching.
For more information, please read:
Bitcoin vs. Real Estate: Which is a Better Hedge in Times of Economic Turmoil?
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