Crypto market value over $ 3 trillion for the first time

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The world market for cryptocurrencies is worth more than 3 trillion US dollars (about 2.22.26.385 billion rupees) for the first time, according to calculations made on Monday, as mainstream investors increasingly jump on board.

The value has reached $ 3.007 trillion (about 2.22.79.296 billion rupees), said CoinGecko, which is tracking the prices of more than 10,000 cryptocurrencies.

“The crypto market is growing at a breathtaking rate,” noted SwissQuote analyst Ipek Ozkardeskaya.

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

“Crypto is now making its way into 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 was Rs. 52.37 lakh at 6:18 pm on November 8th.

After rising five percent, it rose back above $ 66,000 on Monday, near its all-time high.

Ethereum, the second largest cryptocurrency by market value, hit a record high of $ 4,768 (about 3.53 lakh) on Monday. The Ethereum price in India was 3.76 lakh on November 8th at 6:18 pm IST.

An exchange-traded Bitcoin futures fund, a type of financial instrument, was launched on the New York Stock Exchange in October.

The ETF is a more accessible vehicle that makes Bitcoin accessible to even more investors.

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

“Bitcoin is rising again, close to all-time highs,” said Hargreaves Lansdown’s market analyst Susannah Streeter on Monday.

“The recent surge in cryptocurrencies … appears to have been caused in part by investors who see them as a hedge against inflation,” added Streeter.

No more than 21 million Bitcoin can be created, which helps keep its price well above its rivals, but cryptocurrency trading in general has proven to be extremely volatile, with massive price fluctuations common.

Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.

Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended as financial advice, trading advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not liable for any losses that may arise from an investment based on perceived recommendations, forecasts or other information contained in the article.

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