The combined market cap of over 10,000 cryptocurrencies in the world has reached a new all-time high of over $2.8 trillion on Tuesday afternoon at 3.30 PM, according to crypto tracker CoinGecko. The market value, at the time of filing this report, stood at $2.8 trillion with Bitcoin dominance at 41.41 per cent. Bitcoin currently has a market cap of $1.18 trillion followed by a $538 billion m-cap of Ethereum. The total crypto market has grown over 600 per cent from $397 billion as of November 3, 2020, and added nearly $1 trillion in just a little over a month’s time. The total crypto m-cap stood at $1.9 trillion as of September 26, 2021.
“The approval to first Bitcoin Futures ETF in the US has clearly provided the impetus to the crypto market. So, anything to do with the US markets, in fact, if SEC approves any Bitcoin product, then that’s a huge thing. On the other hand, the decision of approving or rejecting the Bitcoin spot ETF is likely on November 14 by SEC. It might get delayed also by a few months but once this is approved, bitcoin will go through the roof. If the US market has approved bitcoin-linked product like Future ETF, which is open to institutional investors, it clearly means that they are okay with bitcoin,” Atul Chatur, Co-founder, Antilles Cryptocurrency Ecosystem ACE-X told Financial Express Online.
Importantly, multiple altcoins have also been rallying leading to the overall growth in crypto m-cap. For instance, Ethereum, Binance Coin, Solana, Polkadot, along with meme coins such as Shiba Inu and Dogecoin have jumped 9 per cent, 15 per cent, 14 per cent, 12 per cent, 38 per cent, and 5 per cent respectively over the past seven days. Shiba Inu particularly has seen grown over 155 per cent in the past few days.
“While some of these meme coins are very difficult to predict but not all of them are bad. They make sense like Axie infinity which are genuine crypto-based games where people earn money by playing video games. So, it is not just bitcoin but some investors are also starting to invest in crypto-based games and coins as well as non-crypto VCs are beginning to get into it such as SoftBank that put $93 million in NFT gaming startup Sandbox,” added Chatur.
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