After falling below the $2 trillion mark in mid-January, the crypto economy has jumped above $2 trillion. Statistics show that the dollar value of all 12,440 coins on 544 cryptocurrency exchanges is $2.08 trillion, up 5.2% in the past 24 hours.
Last week saw a surge in the value of digital currencies, which in turn pushed up the overall value of the entire crypto-economy northbound. This means that more than $500 billion returned to the crypto economy after the market carnage in January. Statistics show that on January 24, 2022, the value of all cryptocurrencies in existence is around $1.5 trillion. Since that day, the dollar value of the crypto economy has ballooned by more than 36%, climbing to $2.08 trillion on February 7, 2022. While Bitcoin (BTC) has a 39.4% dominance, Ethereum (ETH) has a market cap of 17.9% of the $2 trillion market cap.
Tokens that helped drive the crypto-economic value northward over $2 trillion include gala (GALA), quant (QNT), leo token (LEO), mina (MINA), zcash (ZEC), shiba inu (SHIB), near (NEAR) ), ethereum classic (ETC), osmosis (OSMO) and decentraland (MANA). Over the past seven days, the aforementioned tokens have gained between 30.3% and 95.3% in value against the U.S. dollar.
The $10.6 billion privacy coin is up 3.8% over the past day, and the smart contract platform’s net worth ($691B) is up 3.3% in 24 hours. The $41.8 billion meme coin asset gained 11.8% on the final day as Dogecoin and Shiba Inu rose between 7.1% and 24.1%. Additionally, the total value locked (TVL) of defi protocols rose 2% on the last day, rising to over $220 billion on Monday morning. Ethereum’s defi TVL dominated with 61.17% or $134.92 billion in total locked value.
While the crypto-economy has jumped over $2 trillion — as many tokens have grown significantly and TVL in defi has risen — NFT sales have declined over the past week. Total sales for the week from 1,449,578 trades and 309,418 traders were $967.5 million. Compared to last week’s NFT sales, weekly NFT sales were down 7.83%, and sales on Ethereum were down 9.15%. However, the third and second largest blockchains by NFT sales rose this week, with Solana NFT sales climbing 5.69% and Avalanche NFT sales jumping 36.34%.
As the crypto economy crosses the $2 trillion mark, its value exceeds most market valuations today. The dollar value of all 12,440 coins would be slightly higher than the $1.973 trillion market cap of Saudi Aramco (Tadawul: 2222), the world’s fourth-largest asset. However, the market capitalization of the crypto economy is lower than that of gold (11.544 tons), Apple (2.813 tons) and Microsoft (2.293 tons). With a market cap of $821.01 billion today, Bitcoin (BTC) is the ninth most valuable asset in terms of overall valuation.
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What do you think of the cryptoeconomy passing the $2 trillion mark? What do you think about Bitcoin joining the top 10 most valuable assets in the world? Let us know what you think about this topic in the comments section below.
Jamie Redman
Jamie Redman is Head of News for Bitcoin.com News and a fintech reporter based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 5,000 articles for Bitcoin.com News on the disruptive protocols emerging today.
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