The Crypto Market Surges Over $1 Trillion As Bitcoin And Altcoins See Gains

As both Bitcoin and alternative coins make significant gains, and prices rise across the board, the value of the cryptocurrency market has surged to over $1 trillion.

At the time of this writing, Bitcoin traded at $38,000, making the total value of the world’s largest digital asset approximately $700 billion, and pushing the King coin up the charts of largest assets in the world.

The current bullish Bitcoin rally comes after the victory of the Democrats in the Georgia elections, giving the party control of the U.S Senate for the first time since 2015.

According to Economists, Democrat control of the Senate will mean further stimulus cash for businesses and individuals affected by the pandemic.

2020 had a majority of institutional investors pump huge funds into Bitcoin as it has since the pandemic been considered a hedge against inflation.

“Bitcoin has once again rocketed to an all-time high. The scramble of institutional investors into the fray with orders to buy bitcoin is a stark recognition of the quantum leap that bitcoin technology represents”, Paolo Ardoino, the chief technology officer at bitcoin and cryptocurrency exchange Bitfinex, said.

Alternative coins like Ethereum ETH, Ripple XRP, Cardano ADA, and Stellar XLM are making significant gains. This has contributed massively to the market's value surging above $1 trillion.

Although, the price of Ripples XRP has been on a bumpy ride over the last month after a late November surge was wiped out following a lawsuit by the U.S Security and Exchange Commission against Ripple, making both top and small crypto exchanges delist the coin from their platform.

Ripple added roughly 30% over the last 24 hours.

Cardano and Stellar also increased by 20% and 40% respectively in the last 24 hour trading period.