<p>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.</p>.<p>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 U.S. dollar debasement.</p>.<p>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.</p>.<p>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.”</p>.<p>“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.</p>.<p>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. </p>
<p>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.</p>.<p>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 U.S. dollar debasement.</p>.<p>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.</p>.<p>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.”</p>.<p>“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.</p>.<p>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. </p>