According to crypto tracker CoinGecko, the aggregate market value of over 10000 cryptocurrencies in the world achieved a new all-time high of over $2.8 trillion on Tuesday at 3.30 PM. At the time of writing this report, the market capitalization was $2.8 trillion, with Bitcoin dominance at 41.41 percent.
Bitcoin now has a market capitalization of $1.18 trillion, whereas Ethereum has a market capitalization of $538 billion. The global crypto market has increased by approximately 600 percent from November 3, 2020, when it was $397 billion, adding nearly $1 trillion in just over a month. As of September 26, 2021, the entire crypto m-cap was $1.9 trillion.
“The approval of the first Bitcoin Futures ETF in the United States has certainly given the crypto sector a boost. So, anything to do with the US markets is a big deal, and if the SEC authorizes any Bitcoin product, that’s a big deal. The SEC, on the other hand, is expected to make a decision on whether or not to approve or reject the Bitcoin spot ETF on November 14.
It may be postponed for a few months, but once legalized, bitcoin will skyrocket in value. “If the US market has accepted a bitcoin-linked product like Future ETF, which is open to institutional investors, it definitely shows that they are happy with bitcoin,” said Atul Chatur, co-founder of Antilles Cryptocurrency Ecosystem ACE-X.
Moreover, a number of altcoins have been surging, contributing to the total increase in crypto market capitalization. Ethereum, Binance Coin, Solana, Polkadot, and meme coins like Shiba Inu and Dogecoin, for example, have risen 9%, 15%, 14%, 12%, 38%, and 5percent in the last seven days, respectively. In the last few days, Shiba Inu’s popularity has increased by nearly 155percent.
“Although some of these meme coins are impossible to foresee, they are not all terrible.” They make sense, like Axie infinite, which is a legitimate crypto-based game in which players earn money by playing video games. So, it’s not just bitcoin; some investors are beginning to invest in crypto-based games and coins, as well as non-crypto VCs, such as SoftBank, which invested $93 million in NFT gaming startup Sandbox,” Chatur remarked.
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Also read: Solana becomes the 4th largest crypto surpassing USDT and ADA
