Several big cryptocurrencies have reached fresh all-time highs around the same time as part of a crazy blockchain rally. Bitcoin (BTC) has just hit $64,000 across all major exchanges for the first time in history, while Cardano (ADA) has eventually reached the elusive $1.5 mark after falling short previously in February. Meanwhile, Ethereum (ETH), the biggest altcoin, is already dangerously close to breaking the $2,400 barrier for the first time, standing at $2,374 on the Kraken market. VeChain (VET), FTX Token (FTT), and Decred (DCR) are all among the cryptocurrencies that recently hit new highs as well.
Huge milestone achieved
As of the time of this writing, the overall cryptocurrency market capitalization has reached a whopping $2.24 trillion, putting it dangerously close to surpassing the size of Apple. Bitcoin had also played a huge role in making this possible. As of the time of this writing, the market capitalization for BTC is approximately $1,205,083,483,527. Bitcoin had also recently reached a new all-time high of over $64,000, and the current price is almost $64,480 at this time.
The entire sector has regained steam ahead of Coinbase’s direct listing, which is scheduled to take place later today. Coinbase’s public launch may, in fact, be the largest ever for a tech firm, surpassing even that of social media juggernaut Facebook.
It truly is a new day for cryptocurrency in general as more and more investors join every day. Whether it is for retail or institutional purposes, many are now actively considering investing in crypto. Of course, there are several reasons for this, such as the desire for more financial activities to be carried out via DeFi (decentralized finance) and blockchain technology.
Another reason could be that people are fed up with banks, governments and other regulatory bodies controlling their finances and the lack of control and freedom that comes with such regulation, and so there is a desire to get rid of the ‘middle man’ altogether. This can be and is being accomplished through the utilization of cryptocurrency. Lastly, the ongoing global COVID-19 pandemic has also resulted in the loss of numerous jobs worldwide, and so there is a need for people to search for alternative sources of income. Cryptocurrency has become that alternative for many.
Future of crypto
As the Coinbase listing takes place later today, many ponder what the future of cryptocurrency will be. Many expect the bubble to burst and are holding as much as they can.
One thing is for certain, though, that this industry has gotten more popular than anyone could have initially expected, and the success of not only Bitcoin but altcoins such as ETH, BNB, VET, and even XRP prove that.