Crypto market cap surges to record $2 trillion, bitcoin at $1.1 trillion – Reuters

SectorFinancial Markets
CountryMiddle east

FILE PHOTO: Representations of the Ripple, bitcoin, etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 14, 2018. REUTERS/Dado Ruvic/Illustration/File Photo/File PhotoNEW YORK (Reuters) - The cryptocurrency market capitalization hit an all-time peak of $2 trillion on Monday, according to data and market trackers CoinGecko and Blockfolio, as gains over the last several months attracted demand from both institutional and retail investors.At midday, the crypto market cap was at $2.02 trillion.The surge in crypto market cap was led by bitcoin, which hit its own milestone by holding the $1 trillion market cap for one whole week. Bitcoin was last up 1% at $58,820. Since hitting a lifetime peak of more than $61,000, but has since traded in a relatively narrow range.Analysts said as long as bitcoin stays above $53,000, it will be able to maintain its $1 trillion market cap.Ethereum, the second largest cryptocurrency in terms of market cap, was up 1.5% at $2,107, with a market cap of $244 billion.

It hit a record high of $2,144.99 last Friday.“While two trillion dollars in market cap is a sizable amount of value stored in the blockchain format, it is still less than 1% more...