3 months ago, the cryptocurrency market surpassed $ 3 trillion
On November 8th, the cryptocurrency market reached the $3 trillion mark in its history, coming at the intersection of rising demand for traditional financial services and the retreat of investors hit by rapid economic growth and fear of inflation. The cryptocurrency market was $3.007 billion, according to CoinGecko, a website that tracks the state of the market for more than 10,000 cryptocurrencies.
According to Ipek Ozkardeskaya, market analyst at SwissQuote, the growth of the cryptocurrency market is reaching amazing levels. Since October, an index product (ETF) based on bitcoin has been available in U.S. markets, allowing investors to bet on the rising curse of the first cryptocurrency from outside of Wall Street. Especially compared to the euro or the dollar, bitcoins are limited to 21 million, issuing incrementally, a number that cannot be changed in the absence of control over the entire decentralized network.
Some investors believe that cryptocurrencies can help protect against inflation, a rising trend in Europe and North America. Indeed, for many in the developing world, cryptocurrency can be a way to protect against inflation or hedge against macroeconomic fluctuations. For these countries, cryptocurrency is a better alternative to reserve currency or a better hedge against the effects of local economic policy or, for example, bad monetary policy at the global level. Perhaps it is a means of countering the inflationary influences brought to the forefront of the economic agenda. These are the main definitions used today.
Suzanne Streeter, market analyst at Hargreaves Lansdown, says that this is an extremely dangerous strategy because the cryptocurrency is very volatile and its value can fall due to regulatory pressure or comments on social media. Bitcoin (+ 5% to $66035 at 10:10 GMT) reached its highest level ever, and Ethereum, the second-largest cryptocurrency, rose 2% to $4727 after recently rising to a new high of $4,768. Bitcoin and Ethereum hold more than 40% and just under 20% of the entire market, hence the volatility among smaller cryptocurrencies is even worse.
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Tatiana Leverya, Team bit4you.