Weekly Digest: Cryptocurrency market capitalization exceeds $2 trillion

Welcome to CoinField’s Digest, a weekly newsletter covering the latest insights, news and analysis on all things cryptocurrency. 

The cryptocurrency market is booming this week as the market capitalization exceeds $2 trillion for the first time. In today’s digest, we take a closer look at who the main players are that make up this capitalization. We also look at the possibility of luxury brands launching their own NFTs.

Cryptocurrency market capitalization exceeds $2 trillion for the first time

The total cryptocurrency market capitalization exceeded $2 trillion for the first time, according to CoinGecko.

More than half of the total is Bitcoin (BTC) capitalization – $1.1 trillion. In second place came Ethereum (ETH) at $245 billion. Binance Coin (BNB) came third with a capital of $58 billion.

Thus, the crypto market approached Apple’s capitalization ($ 2.06 trillion) and exceeded Microsoft’s capitalization ($ 1.82 trillion). This is happening on the back of MicroStrategy’s announcement of upcoming Bitcoin investments. MicroStrategy CEO Michael Saylor tweeted that the company took in another 253 BTC for $ 15 million at an average of $ 59,339. MicroStrategy now has 91,579 BTC at its disposal.

MicroStrategy invests an additional $15 Million in Bitcoin

CEO of MicroStrategy, Michael Saylor, said his company has acquired about 253 BTC worth $ 15 million.

The average purchase price was $ 59,339, including commissions and other expenses.

In total, MicroStrategy owns 91,579 BTC with a value of $ 5.2 billion. The average purchase price is $ 24,311. MicroStrategy is the largest cryptocurrency holder among public companies.

MicroStrategy invested $ 2.2 billion in cryptocurrency. To do this, in February the company placed a bond loan for $ 1 billion with maturity in February 2027 and the possibility of early redemption of securities from February 2024.

In second place in terms of the volume of investments in Bitcoin among public companies is Tesla. In February, the company announced that it had bought Bitcoin for $ 1.5 billion, and in March the company announced the addition of Bitcoin as a payment option for its electric vehicles.

As a reminder, last March, MicroStrategy announced the purchase of 262 BTC for about $ 15 million and about another 205 BTC for about $ 10 million.

Gucci and other luxury brands to launch their own NFTs

Italian fashion house Gucci and other luxury brands are planning to launch their own NFT tokens.

This is reported by Vogue Business with reference to Marjorie Hernandez, the founder of the Lukso blockchain platform, which collaborates with high fashion. Hernandez said that luxury brands have fallen behind e-commerce trends and now want to work with blockchain. 

Neuno CEO Natalie Johnson told the publication that the platform is working with five luxury fashion houses to launch NFT.

According to Johnson, platform users do not need to own cryptocurrency in order to buy NFT – transactions can be carried out using a regular bank card.

The Neuno platform is powered by the Flow blockchain.

In March, the trading volume of non-fungible tokens on the nine leading platforms exceeded $ 600 million. The leaders are NBA Top Shots ($ 196.3 million), Nifty Gateway ($ 140.8 million), and OpenSea ($ 137.1 million).

In early April, a decline in the market for non-fungible tokens was recorded. NFT, on average, lost 67% against the February level. On April 4, the average price of a token on the Non Fungible platform was $ 1.400. In March, it rose to $ 3.600, and in February it reached $ 4.300.

Earlier, the co-founder of Ethereum, Vitalik Buterin, said he sees the potential for non-fungible tokens to become a public good.

Stay Informed!

That’s it for this week, thank you for reading! Stay informed about how Bitcoin, Cryptocurrencies and Digital assets are transforming the global economy with the weekly CoinField Digest newsletter!

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Disclaimer: We are NOT licensed financial or investment advisors and you should not invest in any cryptocurrency or project based on the information provided in this video.