According to Monday calculations, the world’s cryptocurrency market has surpassed $3 trillion in value for the first time. This is due to mainstream investors jumping onboard.
According to CoinGecko which tracks the prices of more than 10,000 cryptocurrency, the value reached $3.007 trillion (2.6 Trillion Euros).
Ipek Ozkardeskaya, a SwissQuote analyst, stated that the crypto market is expanding at an incredible rate.
She told AFP that while some of it was speculation, a portion of it was real. “Crypto now makes its way to traditional finance, and everyone is on board.”
After taking yet another step towards mainstream status, Bitcoin, the largest cryptocurrency in the world, reached a record high of $66,000 last week.
It rose to $66,000 Monday, close to its all time high after a five-percent jump.
On Monday, Ethereum, the second most valuable cryptocurrency in terms of market value, reached a record $4,768.
A bitcoin futures exchange traded fund was launched at the New York Stock Exchange on October.
ETFs are a more accessible way to get bitcoin into the hands of more investors.
Some investors view cryptocurrency as a hedge from inflation. This is happening worldwide as economies reopen following pandemic lockdowns.
Hargreaves Lansdown market analyst Susannah Streeter stated Monday that Bitcoin is rebounding higher, near to all-time highs.
Streeter said that the recent rise in crypto… was partly due to investors buying it, as a hedge against inflation.”
It is impossible to create more than 21,000,000 bitcoins. This helps its price to trade well above its competitors. However, trading cryptocurrencies has proven to be highly volatile, with large price swings a frequent occurrence.