Cryptocurrency passes massive $US2 trillion milestone

Cryptocurrency passed a major milestone over the weekend when it reached a market capitalisation of a staggering $US2 trillion ($A2.7 trillion) for the second time in a row.

Cryptocurrency passes massive $US2 trillion milestone

Cryptocurrency passed a major milestone over the weekend when it reached a market capitalisation of a staggering $US2 trillion ($A2.7 trillion) for the second time in a row.

CoinGecko tracks 8884 cryptocurrency coins and found that between them, they were now worth $2,108,466,906,329 ($A2.8 trillion) at time of writing.

That means in total, those 8884 types of cryptocurrency are worth more than $2 trillion.

The $2 trillion marker is a huge achievement considering that the world’s first ever decentralised cryptocurrency, bitcoin, launched in 2009 with a single coin selling for less than a cent.

It’s not the first time the digital currency has surged past $2 trillion. In April, when cryptocurrency peaked to its highest ever levels, it reached the 12-digit number – before dropping dramatically.

A huge chunk of cryptocurrency’s market cap is thanks to bitcoin, which surged on the weekend to its highest level since its all-time high back in May.

Bitcoin reached $US48,152 ($A65,439) but was down to $US47,526 ($A64,639) on Monday.

It has a market capitalisation of $US894 billion ($A1.2 trillion) – so makes up a little under half of cryptocurrency’s total worth.