The recent surge in the prices of BTC, ETH, and other DeFi tokens have contributed a lot to the total market capitalization of the crypto market. Interestingly, the market capitalization of cryptocurrency assets has now surpassed the Gross Domestic Product (GDP) of Canada at $1.73 trillion.
Market Capitalization of Crypto Market Crosses Canada’s GDP
Recently, the International Monetary Fund (IMF) published a report revealing the GDP of Canada. As per the published report, Canada has a GDP of $1.6 trillion and holds ninth position in the list of the largest economies in the world.
Since the beginning of the year 2021, the largest cryptocurrency of the world Bitcoin has been continuously surging and is now over 90% up in the last ten weeks. Besides, the digital asset is trading at $56,620 at the time of writing and holds a market capitalization of $1.06 trillion.
In addition to this, the total market capitalization of BTC is currently more valuable than the market capitalization of the national currency of South Korea, Won.
Recently surpassing the market capitalization of Tesla, Tencent, Facebook, and even the Warren Buffet owned Berkshire Hathaway, BTC is heading towards Alphabet. Moreover, the total market value of BTC holds more value than the entire gross domestic product of Mexico at present. With the recent rally, the crypto market capitalization is bound to grow higher in 2021 and achieve new milestones.
The Boom in the Cryptocurrency Industry
The growth of the cryptocurrency market is driven by the interests of institutional investors and huge demand from retail investors.
In the past few months, apart from BTC and ETH, other coins like Binance Coin, XRP, Litecoin, Polkadot, and Cardano have performed greatly. Additionally, the DeFi boom has played a vital role in the overall growth of the crypto market.
Moreover, the growth in the crypto industry is assisting the companies working in the ecosystem of blockchain to achieve extensive growth.