Data showed, on Monday, that the market value of cryptocurrencies reached an all-time high of $ 2 trillion.
The share of “Bitcoin” the largest cryptocurrency in the world from the market value of the total cryptocurrencies reached more than 54%.
This record level of the market value of cryptocurrencies was achieved with the gains recorded in the past months due to increased demand from institutional and individual investors.
According to Reuters, the market value of the cryptocurrencies reached about $ 2.02 trillion in the middle of the trading session on Monday.
The prices of the popular “virtual” digital currencies rose during 2021, doubling the growth achieved since their inception, so that the traders of these currencies made huge profits, which prompted economic policymakers to criticize them.
Bitcoin, the world’s largest cryptocurrency, traded 1.4% higher at $ 59,025,000, with a market value of $ 1.1 trillion.
Ethereum, the second-largest cryptocurrency by market value, rose 1.01 percent to $ 2,095.16. And it recorded a record high of 2145 dollars last Friday.
Bitcoin has climbed more than 100 percent this year, while Ethereum has jumped nearly 190 percent.
The two cryptocurrencies showed performance significantly outperforming traditional asset classes, supported by the entry of companies and major investors into the world of virtual currencies, such as electric car maker Tesla and BNY Mellon.
Last week, Visa said it would use the cryptocurrency “Bitcoin” to settle operations on its network for payments, in the latest sign of the growing acceptance of digital currencies by the traditional financial sector.
The General Motors Group is moving to accept Bitcoin as one of the means to buy its cars, thus becoming the second car company to launch the era of digital currencies.
The number of digital currencies around the world is about 4,450 currencies, and according to official data, the market value of digital currencies around the world exceeds the barrier of $ 1.5 trillion, which is money part of which is withdrawn from the stock market and some is from investments denominated in the US dollar or the yellow metal.