Combined cryptocurrency market exceeds $3 trillion

21:49, 08 November 2021
Combined cryptocurrency market exceeds $3 trillion Photo: Сергей Булкин/

This is the first time the crypto market hit the emblematic threshold.

The CoinGecko platform announced on Monday that crypto markets had reached the value of $3 trillion for the first time.

According to the website’s data, the recent results are way larger than those recorded in October when the cryptocurrency’s market capitalization hit $2.62 trillion.

Since those times, the most popular crypto Bitcoin has beaten its own record by 2% and reached $66,000 per unit, whereas other top coins including Ether, Solana, and Binance have kept growing.

The platform tracks a total of 10,418 digital assets at 518 cryptocurrency exchanges.

Though Bitcoin has recently shown unprecedented progress, its market share has considerably dropped by 42.8% after its September 2019 record of 70.8%.

For the moment Bitcoin represents around 40% of the total market value with $1.22 trillion, while the closest rival Ether holds 18.6% of the market or some $560 bln. The rest of the market combined is slightly bigger than Bitcoin and is worth around $1.24 trillion.

“The crypto market is growing at an astounding speed. A part of it is speculation but a part of it is real,” SwissQuote analyst Ipek Ozkardeskaya told AFP.

The news comes shortly after New York City Mayor-elect Eric Adams suggested teaching crypto in the city’s schools and presented plans to make NYC a crypto-friendly place.