Will the cryptocurrency market cap exceed $3 trillion?
Cryptocurrency markets are showing unprecedented numbers and metrics. This, in turn, leads to new heights for market capitalization. the market, which exceeded $2.5 trillion, had its eye on $3 trillion.
The value of the crypto market has taken a big hit with China's bans over the summer. In September, the price of cryptocurrency declined to 40 thousand dollars. But in October, things turned around. The cryptocurrency market has grown to $2.5 trillion.
Bitcoin and Ethereum records were effective
Undoubtedly, the catalyst for this massive increase in market value was Bitcoin's price action. The world's largest cryptocurrency has broken its previous all-time high and hit a new high of $66.930. This new peak was achieved with the launch of the first US Bitcoin ETF in history. The ProShares Bitcoin Strategy ETF was launched on Tuesday and has registered $570 million in assets and a staggering $1 billion in trading volume.
Solana, Ethereum, Terra, Litecoin all contributed to this increase, posting double-digit gains. Ethereum's Altair upgrade, scheduled for October 27, will form the building blocks for the transition to Eth 2.0. So far, ETH has risen 16.50% in 7 days, marking an all-time high. Solana posted a 25% gain in a week as its contribution to its market cap of over $2.5 trillion.
Are we going to $3 trillion?
After surpassing $2.5 trillion, the next major milestone for the industry is $3 trillion, but opinion is divided among analysts. Despite the differences in opinion, the asset controls a staggering 47% market share.
I wouldn’t be surprised if we see Bitcoin climb to $100,000 in Q4 2021 or Q1 2022.
Says Ulrik Lykke, founder of ARK36. The key to surpassing $3 trillion lies in Bitcoin's climb to $100.000. A recent Bloomberg report stated that Bitcoin does not have much resistance to reaching $100.000.