Cryptocurrencies exceed three trillions in capitalization
According to CoinGecko, the cryptocurrency market now has a market capitalization of more than $3 trillion for the first time. This is the largest since May of this year, when capitalization topped $2.6 trillion, according to Simon Peters, an analyst at eToro. With institutional participants entering the market utilizing tools like bitcoin-ETFs, this move indicates the bright prognosis for investors.
In this market, bitcoin is still the “king of cryptocurrencies,” with a market share of 42%. Its price is close to record highs again after correcting to the $60,000 mark. If it manages to set a new record high, it could rise to $70,000 – at least that’s what Diego Morin, an analyst at IG, thinks.
After BTC, the second most popular currency – Ethereum is not going to give up its positions: it owns just over 18% of the crypto market.
Morin stressed that Etherium is once again attacking resistance areas, and today it set new record highs, exceeding $4700 for the first time, and further focused on $5000, which will be its next target.
Etherium has recovered more than 170% from last July’s lows thanks to the recovery of other cryptocurrencies developed on the Ethereum blockchain, and this could trigger more bullish momentum for ethereum.
Another surprise is the rise of a currency like Solana, which has seen the biggest capitalization growth. “It has surpassed Cardano as the world’s fourth largest crypto-asset after a spectacular surge in recent months, and is up 22 percent in the last week alone,” Peters stated, adding that “in terms of market capitalization, it still behind BTC and ETH with only 2.5 percent of the market.”
Cryptocurrency Assets on the Rise
Institutional investors concentrated on Bitcoin and Ethereum for substantial investments throughout the first ten months of 2021. However, according to the most recent data from CoinShares, Binance Coin, Cardano, Solana, Polkadot, and XRP have all received significant investments in 2021. Institutional investors have put $714 million into multi-asset cryptocurrency investment packages so far this year.