Crypto market cap surges to record $2 trillion, bitcoin at $1.1 trillion

By Gertrude Chavez-Dreyfuss

NEW YORK (Reuters) - The cryptocurrency market capitalization hit an all-time peak of $2 trillion on Monday, according to data and market trackers CoinGecko and Blockfolio, as gains over the last several months attracted demand from both institutional and retail investors.

By mid-afternoon, the crypto market cap was at $2.02 trillion.

The surge was led by bitcoin, which hit its own milestone by holding at a $1 trillion market cap for one week. Bitcoin was last up 1.4% at $59,045. Since hitting a lifetime peak of more than $61,000 in mid-March, bitcoin has traded in a relatively narrow range.

Analysts said as long as bitcoin stays above $53,000, it will be able to maintain its $1 trillion market cap.

Ethereum, the second largest cryptocurrency in terms of market cap, was up 1.3% at $2,103. Its market cap was $244 billion on Monday. It hit a record high of $2,144.99 last Friday.

"Momentum and interest have begun to expand beyond bitcoin and ethereum," said Paolo Ardoino, chief technology officer at crypto exchange Bitfinex.