AIRLINK 197.00 Decreased By ▼ -0.97 (-0.49%)
BOP 10.00 Decreased By ▼ -0.04 (-0.4%)
CNERGY 7.15 Decreased By ▼ -0.14 (-1.92%)
FCCL 36.50 Increased By ▲ 0.50 (1.39%)
FFL 16.60 Decreased By ▼ -0.31 (-1.83%)
FLYNG 25.62 Increased By ▲ 0.58 (2.32%)
HUBC 134.75 Increased By ▲ 0.72 (0.54%)
HUMNL 14.00 Decreased By ▼ -0.14 (-0.99%)
KEL 4.82 Increased By ▲ 0.04 (0.84%)
KOSM 6.90 Decreased By ▼ -0.04 (-0.58%)
MLCF 45.20 Increased By ▲ 0.22 (0.49%)
OGDC 217.88 Decreased By ▼ -0.35 (-0.16%)
PACE 6.95 Increased By ▲ 0.01 (0.14%)
PAEL 41.17 Decreased By ▼ -0.25 (-0.6%)
PIAHCLA 16.86 No Change ▼ 0.00 (0%)
PIBTL 8.50 Increased By ▲ 0.04 (0.47%)
POWER 9.40 Increased By ▲ 0.01 (0.11%)
PPL 182.50 Decreased By ▼ -3.43 (-1.84%)
PRL 41.37 Increased By ▲ 0.10 (0.24%)
PTC 24.93 Increased By ▲ 0.16 (0.65%)
SEARL 103.80 Decreased By ▼ -0.85 (-0.81%)
SILK 1.01 No Change ▼ 0.00 (0%)
SSGC 40.59 Decreased By ▼ -0.32 (-0.78%)
SYM 17.80 Decreased By ▼ -0.25 (-1.39%)
TELE 8.90 Decreased By ▼ -0.01 (-0.11%)
TPLP 12.65 Decreased By ▼ -0.19 (-1.48%)
TRG 66.67 Increased By ▲ 0.07 (0.11%)
WAVESAPP 11.32 Increased By ▲ 0.02 (0.18%)
WTL 1.77 Decreased By ▼ -0.01 (-0.56%)
YOUW 3.83 Decreased By ▼ -0.17 (-4.25%)
BR100 12,101 Decreased By -8.4 (-0.07%)
BR30 36,546 Decreased By -51.8 (-0.14%)
KSE100 114,739 Decreased By -303.6 (-0.26%)
KSE30 36,075 Decreased By -124.8 (-0.34%)

NEW YORK: The total market value of all cryptocurrencies rose above $1 trillion for the first time on Thursday as Bitcoin surged to a record high, according to data by crypto coin trackers CoinMarketCap and CoinGecko.

Bitcoin has jumped more than 900% to $38,655 on Thursday, from $3,850 in March, as governments increase speeding to blunt the economic impact of the coronavirus. This has raised fears about rising inflation and US dollar debasement.

The cryptocurrency is also gaining traction with more mainstream investors who are increasingly convinced that Bitcoin will be a long-lasting asset, and not a speculative bubble as some analysts and investors fear.

Sergey Nazarov, co-founder of Chainlink, a decentralized network that provides data to smart contracts on the blockchain, said that there is a “lack of faith in traditional institutions that is driving this large rally towards cryptoassets.”

“While outsiders may view the cryptocurrency industry being valued at over $1 trillion as an incredibly significant milestone, in actuality our space is still in one of its very early stages of development and growth,” Nazarov said.

The market cap of all cryptocurrencies rose 10% to $1.042 trillion on Thursday, data from CoinMarketCap shows. Bitcoin accounts for around 69% of the total market cap of the total. It is followed by Ethereum with a 13% share.

Comments

Comments are closed.