The total cryptocurrency value breached $2 trillion for the first time on Monday on the back of an Ether rally, according to CNBC.
- Ether hit an all-time high of $2,151.25 on Tuesday morning, bringing it up 180% year-to-date. There is growing excitement over the use of Ethereum in so-called decentralized finance applications or blockchain-based financial services such as lending which could bypass banks and brokerages.
- Bitcoin accounts for over 50% of the entire cryptocurrency market capitalization. It was trading about $58,000 on Tuesday, after hitting a record high of above $61,000 last month. The digital coin has rallied over 100% this year alone.
- Bitcoin remains the powerhouse of the market after large institutional investors such as Tesla and Square purchased holdings.
- Major investment banks are also exploring ways to allow clients to get involved with digital assets. Morgan Stanley was the first major U.S. bank to offer wealth management clients access to Bitcoin funds. Goldman Sachs is also gearing to launch investment vehicles for Bitcoin and other digital assets.