Global crypto market at an all time high; hits $3 trillion mark

Bitcoin and Ether created a new all-time high of $68,641.57 and $4,857.25

November 9, 2021

Crypto market cap for 1st time touches new all-time high

The Crypto market made history by touching a new all-time high. The jump in cryptocurrencies has increased the market capitalization above $3 trillion.

Continuing the rally in the cryptocurrency sector, the world’s largest cryptocurrency, jumped past $67,500 in the last 24 hours. Bitcoin price climbed 3.37 percent in the last 24 hours to $67,520.02 at 0735 hours, according to CoinMarketCap. Bitcoin recorded its last all-time high on October 20 at just below $67,000.

The Bitcoin price rose sharply after the much-anticipated debut of the first Bitcoin ETF on the New York Stock Exchange in October. The fund was the quickest ETF to reach $1 billion in assets, according to Bloomberg data. The new exchange-traded fund offered by ProShares marked the long-awaited milestone for crypto investors and fuelled the Bitcoin rally.

Bitcoin and Ether created a new all-time high of $68,641.57 and $4,857.25 on Tuesday. Despite uncertainties and high volatility surrounding it, Bitcoin may touch the $100,000 mark by the end of this year. The Bitcoin market cap alone has crossed $2.5 trillion amid its rising adoption globally, particularly in India.

Shivam Thakral, CEO, BuyUcoin said, “The growth of crypto assets across the globe testifies to the fact that the number of investors joining the crypto revolution is growing exponentially. We are witnessing a massive surge in trading volumes on our exchange and crypto has become the first choice of investors to beat inflation.”

He further said that they are optimistic that Bitcoin will keep testing its all-time highs and hit the $100,000 mark by the end of this year. This could bring about the biggest financial revolution in modern history which could probably change the way monetary transactions are executed.

According to Nigel Green, CEO and founder of DeVere Group which has $12 billion under management, Bitcoin is undeniably a mainstream asset class and most investors should consider including crypto assets as part of a diversified portfolio.

“In July, we publicly predicted that Bitcoin would reach and most likely beat its previous all-time highs. I am confident that while there might be some profit-taking in the near-term so that investors can accumulate more later, the momentum is such that we can expect prices to continue on their upward trajectory,” he said recently.

Ether, the most prominent cryptocurrency after Bitcoin, hit a record high in the last 24 hours. The second-largest cryptocurrency rose 1.82 percent day-to-day to touch $4,792.97, according to CoinMarketCap. “Ethereum crossed the $4,700-mark for the first time in history-making an all-time high in the process. We expect immediate support at the $4,340 level and the next resistance at the $4,900 mark,” said WazirX trade desk. Digital asset marketplace Bakkt recently announced that users and partners will soon be able to buy, sell and hold Ethereum, strengthening the belief in increasing crypto adoption.

According to a report by the IT industry’s apex body Nasscom, there are 15 million retail investors in India investing in the crypto tech space. The Indian cryptocurrency market is expected to reach up to $241 million by 2030 in India and $2.3 billion by 2026 worldwide.

[With Inputs from IANS]

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