Crypto market cap reaches $2.7 trillion

14:21, 21 October 2021
Crypto market cap reaches $2.7 trillion Photo:

Following the launch of the first US ETF on crypto Bitcoin launched up as the hype spread to other digital assets making the overall market cap reach $2.7 trillion.

Bitcoin may slowly lose its first spot as Ethereum is seen by many crypto investors and speculators as the next trend to become a new industry standard as Ethereum is currently repeating the same patterns Bitcoin did before starting its rapid rise.

Along with Ethereum, Solana, Polkadot and Tezos are also seen by the market as highly prospective assets.

In the meantime, some experts like the chief executive officer of crypto derivatives exchange Data Exchange Pankaj Balani believe that this year Bitcoin will secure the highest performance as he expects it to reach $100,000 by the new year.

Another aspect which is helping the crypto market grow is the boom of the non-fungible tokens (NFTs) which are being sold in the form of digital artworks and videos.

A video made by Beeple was sold for $6.6 million while another one of his works was sold at an auction for as much as $69 million.