Crypto Market Value Exceeds $2 Trillion for First Time The cryptocurrency market's high value is largely attributed to two popular digital currencies.

By Justin Chan Edited by Jessica Thomas

Thanks largely to the surge of interest in Bitcoin and ether, the value of the cryptocurrency market exceeded $2 trillion for the first time earlier this week.

Bitcoin hit a benchmark of its own when it reached a $1 trillion market cap alone and held it for one week, Reuters reports. In mid-March, one Bitcoin was worth just over $61,000. As of this writing, it is now worth more than $56,000.

And as an increasing number of companies, including Visa and PayPal, move towards allowing customers to pay in digital currency, an equally growing number of investors are placing their bets on ether — the second-largest digital coin that supports the Ethereum blockchain, according to CNBC. While the Bitcoin blockchain facilitates crypto transactions, the Ethereum blockchain allows users to spend digital currency on apps.

Related: Visa, PayPal to Allow Customers to Pay With Cryptocurrency

Market value aside, Bitcoin and ether aren't the only cryptocurrencies that are attracting attention, one expert told Reuters. Other digital assets are also gaining steam. That, in turn, suggests that the value of the cryptocurrency market could be higher down the line.

"As the industry continues to mature, we expect more blockchain-based applications to be introduced to the world, and coinciding with that, a surge of interest around other alternative assets... as they become more market-ready," Paolo Ardoino, chief technology officer at crypto exchange Bitfinex, told the outlet.

Related: Tax Rules for Buying and Selling Bitcoin and Other Crypto

Justin Chan

Entrepreneur Staff

News Writer

Justin Chan is a news writer at Entrepreneur.com. Previously, he was a trending news editor at Verizon Media, where he covered entrepreneurship, lifestyle, pop culture, and tech. He was also an assistant web editor at Architectural Record, where he wrote on architecture, travel, and design. Chan has additionally written for Forbes, Reader's Digest, Time Out New YorkHuffPost, Complex, and Mic. He is a 2013 graduate of Columbia Journalism School, where he studied magazine journalism. Follow him on Twitter at @jchan1109.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Science & Technology

This AI is the Key to Unlocking Explosive Sales Growth in 2025

Tired of the hustle? Discover a free, hidden AI from Google that helped me double sales and triple leads in a month. Learn how this tool can analyze campaigns and uncover insights most marketers miss.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Leadership

The End of Bureaucracy — How Leadership Must Evolve in the Age of Artificial Intelligence

What if bureaucracy, the very system designed to maintain order, is now the greatest obstacle to progress?

Business Ideas

Is Your Business Healthy? Why Every Entrepreneur Needs To Do These 3 Checkups Every Year

You can't plan for the new year until you complete these checkups.

Business News

A New Hampshire City Was Named the Hottest Housing Market in the U.S. This Year. Here's the Top 10 for 2024.

Zillow released its annual lists featuring the top housing markets, small towns, coastal cities, and geographic regions. Here's a look at the top real estate markets and towns in 2024.

Business News

A Government Shutdown Could Cost the U.S. Economy $6 Billion a Week, According to EY's Chief Economist

Experts from EY tell Entrepreneur that a government shutdown could leave "a visible mark" on the economy.