The crypto economy has jumped back above the $2 trillion mark after falling below that value in mid-January. Statistics indicate that the USD value of all 12,440 coins across 544 crypto exchanges is worth $2.08 trillion, up 5.2% during the last 24 hours.
Crypto Economy Moves North, Surpasses $2 Trillion Mark
Digital currency values have risen a lot over the past week, which has, in turn, pushed the overall value of the entire crypto-economy north. That means over $500 billion returned to the crypto economy after the market carnage in January. Statistics show that on January 24, 2022, the value of all existing cryptos was around $1.5 trillion. Since that day, the USD value of the crypto-economy has increased by more than 36% to reach $2.080 billion on February 7, 2022. While bitcoin (BTC) dominates by 39.4%, the market capitalization of ‘Ethereum (ETH) accounts for 17.9% of the $2 trillion in value. .
Coins that helped push the crypto economy’s value northbound past $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), respectively. The aforementioned tokens gained anywhere between 30.3% and 95.3% in value against the U.S. dollar in the last seven days.
The $10.6 billion in privacy coins jumped 3.8% in the past day, the net worth of smart contract platforms ($691 billion) jumped 3.3% in 24 time. The $41.8 billion in meme coin assets jumped 11.8% over the past day, with dogecoins and shiba inu posting gains of between 7.1% and 24.1%. Additionally, the total value locked (TVL) in defi protocols jumped 2% in the past day, topping $220 billion on Monday morning. Ethereum’s TVL challenge dominates by 61.17% or $134.92 billion in total value locked.
NFT Sales Drop Over 7% This Week, Bitcoin Is Now the 9th Most Valuable Asset Worldwide
While the crypto economy has jumped over $2 trillion — as numerous tokens have seen significant gains and the TVL in defi rises — NFT sales have dropped this past week. Overall sales among 1,449,578 transactions and 309,418 traders amounted to $967.5 million over the week. The weekly NFT sales metric is down 7.83% compared to last week’s NFT sales, and sales on Ethereum are down 9.15%. However, the third and second-largest blockchains by NFT sales are up this week, as Solana NFT sales climbed 5.69% and Avalanche NFT sales jumped by 36.34%.
With the crypto economy above the $2 trillion mark, the value is worth more than most market valuations today. The USD value of all 12,440 coins would rank just above the world’s fourth most valuable asset, Saudi Aramco’s $1.973 trillion market cap (Tadawul:2222). However, the market cap of the crypto economy is lower than the market caps of Gold (11.544T), Apple (2.813T), and Microsoft (2.293T). Bitcoin (BTC) market capitalization is today the ninth most valuable asset by overall valuation with its market capitalization of $821.01 billion.
