Total crypto market capitalization has surpassed 3 trillion USD

This was achieved when Bitcoin and Ethereum values ​​hit new highs of $66,000 and $4,790 respectively. It is known that three cumulative market capitalization milestones of cryptocurrencies have been reached this year, including $1 trillion on January 7, then $2 trillion on April 6, and now $3 trillion.

CoinGecko contains information about 10,418 different cryptocurrencies. Each of these cryptocurrencies is contributing to a new cumulative market capitalization with the two largest cryptocurrencies, Bitcoin and Ethereum, having market capitalizations of around $1,240 billion and $567 billion, respectively. In recent days, other burgeoning cryptocurrencies such as Solana and Polkadot are increasing in value, while Shiba Inu has also gained a bit in price despite now having dropped 16.6% in the past 7 days.

Two ongoing issues with Bitcoin could push the crypto market cap even higher in the coming weeks. Firstly, some analysts predict Bitcoin to break out and hit $75,000 by the end of the year. The second reason we might see more interest is because the Bitcoin network will undergo a 6-day softfork dubbed Taproot. It is known that softfork is a term that refers to a change in the cryptocurrency protocol in a way that is backward compatible.

Last week, former UK Prime Minister Philip Hammond said that he sees the use of cryptocurrency technology in the major financial sector today as inevitable. Moves to make crypto a mainstream investment option could also emerge in Australia, where a spot exchange-traded fund (ETF) for trades over Bitcoin and Ethereum has been approved by the regulator. The country's securities regulator approved.

Isabella Humphrey

Update 10 November 2021