With this, the total value of cryptocurrencies was more than the GDP of nations like the United Kingdom, France, India and Italy. However, it lagged countries like the United States, China, Japan and Germany.
This is an important milestone for the crypto industry and re-emphasizes investors’ trust in the potential of blockchain technology to disrupt the way digital natives interact with the internet, said Sharan Nair, Chief Business Officer, CoinSwitch Kuber.
“Recent developments in the industry, including Bitcoin ETF listing in the US, have led to further excitement around crypto mainstreaming and will continue to expand crypto-asset adoption globally and in India,” Nair added.
Netero Dai, Asia CEO, OKEx, said Bitcoin and Ether’s impressive rally has been a major factor in driving the overall growth of crypto assets around the globe. Further, inflation is the biggest enemy of investments and crypto assets provide a strong hedge against it, she added.
The top crypto-token, Bitcoin, hit an all-time high of $68,530.34 earlier today, the data from coinmarketcap.com suggest. Its market cap was hovering near $1.29 trillion, accounting for a 43 per cent share of the overall market cap of cryptos.
Its closest peer, Ethereum, also scaled a new lifetime peak of $4,837.59 and its market-cap was hovering a little over $570 billion. Its share in the total m-cap of cryptocurrencies stood near 20 per cent.
The combined market cap of the top two cryptos is at $1.86 trillion, with a share of 62 per cent or nearly two-thirds in the overall market capitalisation.
Market analysts believe that cryptocurrencies are the biggest financial revolution in modern history, which may change the way monetary transactions are executed. Bitcoin may even test the $100,000 mark by the end of the current year, some project.
Apart from Bitcoin and Etherum, altcoins like Solana, Shiba Inu, Dogecoin, Polkadot, Cardano, XRP have also delivered multibagger returns to investors merely in a few months.
Avinash Shekhar, Co-CEO of ZebPay said there is increasing interest in crypto assets, blockchain-based products as well as services like NFTs. The crypto and blockchain market still has a long way to go, he believes and these are just small milestones reassuring the mainstream adoption of the assets and the technology.
A little more than a decade old Bitcoin has widely outperformed the traditional investment asset classes such as gold, verifying it as the best performing asset of the 21st century. Not only retail bidders, but even institutions are also betting on cryptos.
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.
“There is growing excitement around decentralized finance and non-fungible tokens. And with meme coins like DOGE and SHIB offering low-cost entry to these investors, the market is expected to grow further,” he added.
The governments across the globe have shown a mild and positive stance on digital currencies, with a few smaller nations elevating them to the status of legal tender.
Even the Government of India is likely to take a positive stance on the digital tokens as the finance ministry is reportedly aiming to fast-track the modified cryptocurrency bill at the start of the winter session.
