Two of the world’s largest cryptocurrencies by market capitalization set new records over the weekend.
The day Bitcoin ran
After Bitcoin, the world’s first and currently largest cryptocurrency by market capitalization, surpassed the $ 34,000 level on Saturday, it hit both a record high and a major US index – the Dow Jones Industrial Average (DJIA).
#Bitcoin has now overtaken the Dow Jones after its incredible performance. (HT @bespokeinvest) pic.twitter.com/rACFJWhKyW
– Holger Zschaepitz (@Schuldensuehner) January 2, 2021
Popularly known as the Dow Jones or simply the Dow, the DJIA is a stock market index that measures the stock performance of 30 large companies listed on stock exchanges in the United States.
It’s one of the oldest indices – founded in 1896 and second only to the Dow Jones Transportation Average – and had a market capitalization of $ 8.33 trillion according to 2019 official figures.
The Dow Jones even provided his have Record high last week after hitting the 30,000 mark carried by various companies such as Apple, Microsoft, Honeywell and others.
But bitcoin is higher now. It is currently trading at $ 33,000 after experiencing a brief sell-off during the Asian session this morning. The Dow, on the other hand, was trading at 30,606 and has been closed for trading since Friday.
However, the numbers only refer to the index value. Bitcoin’s market capitalization is a relatively small $ 611 billion, according to the CryptoSlate data site – or more than 15 times less than the current Dow Jones value.
This suggests that despite its high prices, Bitcoin continues to be a niche asset class with further growth potential. And for the larger room, the run is only just beginning.
The Ethereum touches the 2017 level
Ethereum, the most widely used blockchain in the world, hit a price of $ 1,047 per ETH this morning, amid stronger fundamentals and a slowdown in Bitcoin prices.
Many crypto industry watchers suggest that while Bitcoin is now limited to a “digital gold” narrative, Ethereum can function as both a currency (for everyday use). and as a store of value supported by all other use cases and blockchains that it boots.
After a near-vertical move, ETH is trading above the 34-period exponential moving average at press time. The trend started earlier this month, as the chart shows, around the $ 550 mark – bringing in nearly 100% for investors and speculators if they stuck to it.
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