By Shelly Melancon (Switzerland)
The crypto industry has not experienced a better time than now in its 12-year history. The market is crushing several all-time high prices and setting new ones, hitting new intrinsic values, and enjoying wider interest and adoption, amidst the challenges facing it. The buzz and attention on the industry are at an unparalleled level as of now.
Indeed, it is a testimony to the massive growth of cryptocurrencies that the global crypto market has hit a new value of $3 trillion in a reliably short while. It has grown in just nearly a decade of active trading to become one of the most valuable financial markets in the world with far fewer assets and instruments than the others.
A Milestone is Crushed
The global crypto market crossed the $3 trillion mark on Monday, as reported by CoinGecko.com. As of now, the global crypto market cap. remains above $3 trillion. The value has not dipped lower in nearly 20 hours since it crossed the mark. Analysts say that it represents a psychological milestone that has been crushed. The global crypto market is showing that it is a force that cannot be ignored or avoided.
The increase in the global market cap. is significant because it comes at a time when governments around the world are fighting to keep some form of control over the crypto industry, negating the idea of a decentralized financial place. Despite outright bans on crypto trading and mining, the market is showing the resilience that can only be envied by others.
Bitcoin Is Leading The Growth
Bitcoin alone accounts for nearly 40% of the global crypto market by cap. and value. 13 years have passed since Satoshi Nakamoto created the world’s first blockchain and crypto-asset, but in that time, it has solidified its position as the king of coins and has an almost fatherly influence on other coins in the market.
Whenever Bitcoin rallies or plunges, it influences a lot of altcoins to do the same. Recently, Bitcoin rallied to a new ATH and pulled Ethereum, BNB, and Litecoin along with it. Many investors know that giving a closer look at Bitcoin’s price action can guide their choice of investments in altcoins.
Within the last 24 hours, Bitcoin alone made a 2.2% increase in market cap and 22% in trading volume. Ethereum made a 0.96% and 18% increase in market cap and trading volume respectively, while BNB has reduced by 0.21% and 18.9%. The market has never been stronger and looks to be bound for new records.
Global Crypto Adoption Is Inevitable
Despite the challenges, the crypto industry is one of the fastest-growing industries in the world and, being a new financial system, is bound to penetrate every other sector. This makes it inevitable that the world will embrace cryptocurrencies one day. The US is leading the development of regulations and government-industry partnerships that will make blockchain and cryptocurrency technologies safe and secure for everyone.
Once the crypto industry overcomes its internal challenges such as security, speed, and high transaction fees, its true potential will be unlocked and then, there is no turning back.
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