Cryptocurrency has hit a major milestone, with the collective value passing the $1 trillion mark, led largely by Bitcoin’s meteoric rise.
Considered the oldest cryptocurrency, and certainly the most well-known, Bitcoin has been on a tear in recent weeks, topping $40,000 on Thursday, before dropping to just under that mark at the time of writing. The cryptocurrency has doubled in less than a month and quadrupled in the past year.
Bitcoin’s current price means the currency has a valuation of more than $700 billion, according Ars Technica. Bitcoin, however, is by no means the only cryptocurrency. Ether is worth an estimated $140 billion, Tether $22 billion, Litecoin $11 billion and Bitcoin Cash $8 billion.
Collectively, these cryptocurrencies now represent a $1 trillion valuation. In addition, there are still some high-profile cryptocurrencies yet to be released, such as Facebook’s Libra, now known as Diem.
It remains to be seen just how high cryptocurrencies’ valuation will go as the industry continues to mature.