Thanks to the price increase in Bitcoin and several altcoins, the cryptocurrency market cap reached $2.02 trillion on Monday, April 5, Reuters reports citing CoinGecko and Blockfolio. According to the source, Bitcoin has maintained a market cap of $1 trillion for a week. Moreover, Ethereum’s market cap reached $244 billion on Monday, the source says.
However, not only the two largest cryptocurrencies have seen a price increase. Binance Coin (BNB), the third-largest crypto, is up by over 10% in the past 24 hours. In addition, it is up by almost 40% in the past 7 days, per CoinMarketCap.com data. The fifth and the sixth-ranked cryptos Polkadot (DOT) and Ripple’s XRP increased in price by over 31% and 50% in the past 7 days, respectively.
Increasing cryptocurrency adoption could be the reason why Bitcoin and altcoins post gains. Two of the world’s leading investment banks, Goldman Sachs and Morgan Stanley, started offering access to digital assets for their wealth management clients. Payment networks Visa and PayPal have introduced crypto payment support. Moreover, automaker Tesla started accepting Bitcoin for payments in the U.S.