The crypto economy has jumped back above the $2 trillion mark after falling below that value in mid-January. Statistics indicate that the USD value of all 12,440 coins across 544 crypto exchanges is worth $2.08 trillion, up 5.2% during the last 24 hours.
Crypto Economy Moves Northbound Past the $2 Trillion Mark
Digital currency values have increased a great deal during the last week which has, in turn, pushed the overall value of the entire crypto-economy northbound. This means more than $500 billion returned to the crypto economy after the market carnage in January. Statistics show on January 24, 2022, the value of all the cryptos in existence was around $1.5 trillion. Since that day, the crypto economy’s USD value swelled by more than 36% climbing to $2.08 trillion on February 7, 2022. While bitcoin (BTC) dominates by 39.4%, ethereum’s (ETH) market capitalization is 17.9% of the $2 trillion in value.
Coins that helped push the crypto economy’s value northbound past $2 trillion include gala (GALA), quant (QNT), leo token (LEO), mina (MINA), zcash (ZEC), shiba inu (SHIB), near (NEAR), ethereum classic (ETC), osmosis (OSMO), and decentraland (MANA), respectively. The aforementioned tokens gained anywhere between 30.3% and 95.3% in value against the U.S. dollar in the last seven days.
The $10.6 billion worth of privacy coins jumped 3.8% over the last day, the net value of smart contract platforms ($691B) jumped 3.3% in 24 hours. The $41.8 billion worth of meme coin assets jumped 11.8% during the last day as dogecoin and shiba inu saw gains between 7.1% and 24.1%. Additionally, the total value locked (TVL) in defi protocols jumped 2% during the last day, rallying above $220 billion on Monday morning. Ethereum’s defi TVL dominates by 61.17% or $134.92 billion total value locked.
NFT Sales Drop Over 7% This Week, Bitcoin Is Now the 9th Most Valuable Asset Worldwide
While the crypto economy has jumped over $2 trillion — as numerous tokens have seen significant gains and the TVL in defi rises — NFT sales have dropped this past week. Overall sales among 1,449,578 transactions and 309,418 traders amounted to $967.5 million over the week. The weekly NFT sales metric is down 7.83% compared to last week’s NFT sales, and sales on Ethereum are down 9.15%. However, the third and second-largest blockchains by NFT sales are up this week, as Solana NFT sales climbed 5.69% and Avalanche NFT sales jumped by 36.34%.
With the crypto economy above the $2 trillion mark, the value is worth more than most market valuations today. The USD value of all 12,440 coins would be ranked just above the fourth most valuable global asset, Saudi Aramco’s (Tadawul: 2222) $1.973 trillion market capitalization. However, the crypto economy’s market cap is below the market caps of gold ($11.544T), Apple ($2.813T), and Microsoft ($2.293T). Bitcoin’s (BTC) market cap today is the ninth most valuable asset in terms of overall valuation with its $821.01 billion market cap.
What do you think about the crypto economy surging past the $2 trillion mark? What do you think about bitcoin joining the world’s top ten most valuable assets? Let us know what you think about this subject in the comments section below.
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