Share this article
Crypto Market Cap Surges to Record $2.7T
The record high comes as the world’s two largest cryptocurrencies continue to rally.
Updated May 11, 2023, 5:07 p.m. Published Oct 21, 2021, 1:11 p.m. 1 min read
As bitcoin rallied to an all-time high of $66,000 on Wednesday, the market capitalization for all cryptocurrencies has pushed to a new record of $2.7 trillion, according to data from CoinGecko.
Ether (ETH), the native cryptocurrency of the Ethereum network, has also been climbing. The cryptocurrency hit a five-month high over $4,200 early Thursday.
The industry’s total market cap has more than tripled since the beginning of this year, when it stood at $770 billion.
The surge in the overall industry’s valuation comes amid a new spirit of ebullience that has invigorated crypto markets since the start of October, with the rollout of first-of-their-kind exchange-traded funds (ETFs) linked to bitcoin futures prices and big Wall Street firms increasingly viewing cryptocurrencies as a legitimate asset class for investors.
The fast growth has also raised alarms among regulators, worried that stablecoins and other cryptocurrencies could present risks to the stability of the traditional financial system.
The total crypto market capitalization is now roughly double that of silver’s $1.4 trillion, according to the website companiesmarketcap.com, and has climbed as a percentage of gold’s $11.3 trillion. The crypto market cap also exceeds the valuation of the shares of Apple, the world’s largest publicly traded company, at $2.5 trillion.
At press time, bitcoin was trading at $65,000, up 12% on the week.
More For You
The creator of the Mayer Multiple argues bitcoin’s growing economic substance is compressing volatility and attracting deeper capital.
What to know:
- Bitcoin volatility has dropped from around 120 in 2017 to 35 as institutional participation and options markets add stability to the asset.
- Mayer believes lower volatility makes bitcoin more investable for corporations, family offices, and institutional investors.
- Despite long-term concerns around miner security incentives and quantum computing, Mayer remains bullish...
Top Stories
