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Crypto Continues to Grow as the Crypto Market Reaches $3 Trillion For the First Time

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Crypto isn’t going anywhere, at least not yet. According to CoinGecko, the cryptocurrency market has officially reached a valuation of over $3 trillion, the first time ever in its brief history. 

CoinGecko tracks over 10,000 cryptocurrencies worldwide and notes that the sudden rush past $3 trillion was bolstered by ether’s momentum, as well as growing interest in meme coins like dogecoin.

Bitcoin and ether are still the biggest players in crypto, taking up approximately 40 percent and 20 percent, respectively, of the entire crypto market. Bitcoin is currently worth over a whopping $66,000, while ether reached a record high of $4,768 today. 

Photo by UNSPLASH.

Experts are viewing the surge in crypto as a reaction caused by investors seeking to hedge against inflation as economies and businesses reopen post-pandemic. The volatile nature of crypto has not slowed down its growth, which has been coined as “mind-blowing” by SwissQuote analyst Ipek Ozkardeskaya. 

The Philippine Stock Exchange previously stated that it was eyeing a local crypto exchange that would protect investors from the extreme risks of crypto trading. Meanwhile, the bitcoin futures exchange-traded fund was launched at the New York Stock Exchange to let investors buy and sell outside of crypto exchanges.

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Anri Ichimura
Section Editor, Esquire Philippines
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