Crypto Market Value Tops $3 Trillion For the First Time

According to Monday’s calculations, the global cryptocurrency market has exceeded $3 trillion (about Rs 2,22,26,385 crore) for the first time, as mainstream investors swiftly jump on board.

CoinGecko, which tracks over 10,000 prices, said the value has reached $3.007 trillion (approximately Rs 2,22,79,296 crore). cryptocurrency.

“The crypto market is growing at a mind-boggling pace,” said Swissquote analyst Ipek Ozkardeyskaya.

“Part of it is of course speculation, but part of it is real,” she told AFP.

“Crypto is now making its way to traditional finance and everyone is on board.”

Bitcoin, the world’s largest cryptocurrency, hit a record high of $66,000 (about Rs 48.89 lakh) last month after taking another step towards mainstream status. bitcoin price in india November 8 at 6:18 pm IST Rs. 52.37 lakhs.

It surged above $66,000 near its all-time peak on Monday after a five percent jump.

Ethereum, the second largest cryptocurrency by market cap, hit a record high of $4,768 (approximately Rs 3.53 lakh) on Monday. ethereum price in india On November 8 at 6:18 pm IST was 3.76 lakhs.

A bitcoin futures exchange-traded fund, a type of financial instrument, has been launched New York Stock Exchange In October.

NS ETFs There is a more accessible vehicle that puts bitcoin in the grasp of even more investors.

Some investors see cryptocurrencies as a hedge against inflation, which is rising around the world as economies reopen after pandemic lockdowns.

Hargreaves Lansdowne Market Analyst Susanna Streeter said on Monday: “Bitcoin is on the rise again, nearing all-time highs.”

“The recent surge in crypto… seems to be partly due to investors piling up, seeing it as a hedge against inflation,” Streeter said.

No more than 21 million bitcoins may be created, allowing its price to trade above its rivals, but trading cryptocurrencies in general is highly volatile and massive price fluctuations are a common occurrence. .

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