According to the recent news, more than 53 blockchain projects are underway in the market after several crypto unicorns with billion dollars of market cap came up in the beginning of 2021. Analysts are of the opinion that this hints towards a massive bull market for the rest of the year.
In the world of investments, crypto unicorns are startups initiated by venture capitalists. These are privately held and generally have market capitalizations of $1 billion or more. These crypto unicorns are market movers that have steady fundamentals. It is generally yield-oriented and gives out prized investment opportunities. Having more of these in the market indicates that the bull is just beginning. If 2020 was the year of cryptocurrencies, analysts suggest that there is more ahead this year.
55 Crypt Unicorns With More Than $1 Billion Market Cap, Underway
Some of the most popular multi-billion dollar crypto unicorns are the ones owned by Elon Musk, namely SpaceX and the $8 billion market cap unicorn Coinbase. The latter is currently the largest crypto exchange under the list of US based cryptocurrency exchange platforms. SpaceX is currently valued at $46 billion and the spacecraft design and manufacturing company has been making the headlines for the last few days.
While the world was hit by the invisible virus, there has been a silent growth of the crypto market over the entire year. The entire market valuation currently stands at approximately $1.2 trillion.
To add to this, 55 new crypto unicorns are at play now. The market caps of all these projects are valued at over $1 billion.
Analysts are of the opinion that with the involvement of institutional investors and the spotlight directed towards them by influential billionaires are turning more eyes towards the cryptocurrency market.
