The value of all cryptocurrencies added together reached a new all-time high: US$3.007 trillion (2.6 trillion euros), according to CoinGecko, which tracks prices of more than 10,000 cryptocurrencies.
This represents an all-time high that the market has been seeking since April, when the market capitalization exceeded US$2 trillion for the first time. This means that more than US$1 trillion in capitalization has been added to the crypto market value in just over seven months and the value of all cryptocurrencies that exist in the world now total more than US$3 trillion.
Since values at the end of last year, the total value of all cryptocurrencies has nearly quadrupled as increasing numbers of large investors become interested in the new technologies. In addition, more and more companies and organizations are also adopting these digital currencies, supporting them and thus leading to increased recognition, demand and growing adoption. These factors are driving prices higher.
At the time of publication, Bitcoin (BTC), the world’s largest digital coin by market value, was moving above US$67,000, surpassing its previous all-time high, while Ethereum (ETH), the second-largest cryptocurrency, also surpassed its all-time high price by trading above US$4,800. Demand for decentralised finance and non-fungible tokens is also growing. It is even predicted that the market cap of the 10,464 crypto-assets in existence may exceed the value of the commodities market in 10 years.