The cryptocurrency market has reached a new milestone, with the total market capitalization soaring to $2 trillion for the first time since April 2022. This surge was led by a significant rally in Bitcoin, which breached the $51,000 mark, a level not seen since December 2021. The rise in Bitcoin’s price to over $51,000 has notably propelled its market capitalization back to the $1 trillion threshold.
During this bullish trend, U.S.-listed companies with ties to the cryptocurrency sector witnessed notable gains in pre-market trading on Wednesday. Bitcoin, the foremost cryptocurrency in terms of market value, saw an approximate 2.9% increase within the last 24 hours. Ethereum, ranking second in market value, observed a 3.2% uplift, reaching $2,754 — its highest price point since May 2022.
Among the stocks benefiting from the crypto market’s upswing, Coinbase, a leading cryptocurrency exchange, surged over 7%. MicroStrategy, a software giant known for its substantial Bitcoin holdings of around 190,000 BTC, saw its stock increase by about 6.5%. Additionally, BlackRock’s Bitcoin exchange-traded fund (IBIT), notable for receiving the highest inflows among newly launched spot BTC ETFs, rose approximately 3%.
Another significant mover was Robinhood, a trading platform that includes cryptocurrency trading, which saw its stock leap by 12%. This jump came on the back of a report that showed the company’s fourth-quarter revenue exceeded forecasts, with a 10% year-over-year increase in crypto-related revenue, amounting to $43 million.
This collective advancement in both the cryptocurrency market and related stocks highlights the growing investor confidence and interest in digital assets. As the market cap hits a 26-month high and major cryptocurrencies like Bitcoin and Ethereum reach significant price milestones, the broader financial ecosystem continues to integrate and adapt to the burgeoning influence of cryptocurrencies.
