The cryptocurrency market value topped $2 trillion for the first time on Monday, April 5th, driven by a rise in ether, the second-largest digital coin in the world. According to the price-tracking website CoinGecko, in just over two months, the market capitalization of the cryptocurrency market has doubled as retail and institutional investors pile into space.
Bitcoin, the most prominent digital currency, accounts for over 50% of the entire cryptocurrency market capitalization. Bitcoin has rallied over 100% this year alone, which has helped drive the cryptocurrency market higher.
Last month, bitcoin hit a record high of above $61,000. The digital coin was trading at about $58,800 on Tuesday, according to Coindesk data. But the latest boost in the cryptocurrency market appears to have been driven by ether, the digital coin that powers the Ethereum blockchain.