The cryptocurrency market is now worth more than $3 trillion. CoinGecko, which tracks cryptocurrencies, made the announcement this week in London.
Bitcoin rose 5.5 percent on Monday to $66,399, approaching its all-time high of around $67,000. Ether climbed 3 percent to a record value of $ 4,768. The third and third most popular coins, Binance Coin and Solana, have seen their value rise by more than a fifth in the past seven days.
The crypto market has almost quadrupled this year. By mid-August, the market was still worth $2 trillion (or $2,000 billion). Moreover, investors are increasingly comfortable with established digital currencies as the Ethereum and Solana networks enable new uses.
Cryptocurrency supporters see benefits in DeFi (decentralized finance) – a blockchain-based financial system without central supervision and interference – and NFTs (non-fungible token), which can guarantee the ownership of digital objects using blockchain. Meanwhile, joke ‘memecoins’, such as Dogecoin and Shiba Inu, continue to be successful.
Since the end of October, the first American publicly traded investment fund (ETF) that tracks the price of Bitcoin has also been traded in New York. According to observers, that also contributes to the latest crypto rally.
Cryptocurrencies remain extremely volatile. The last time Bitcoin’s value reached this level, the coin collapsed by several thousand dollars. Bitcoin has undergone several such drastic corrections in the past.