With this, the total value of CRYPTOCURRENCY it was more than the GDP of nations like the UK, France, India and Italy. However, it lagged behind countries such as the United States, China, Japan and Germany.
This is a major milestone for the crypto industry and re-emphasizes investor confidence in the potential of blockchain technology to disrupt the way digital natives interact with the internet, said Sharan Nair, commercial director of CoinSwitch Kuber.
"Recent developments in the industry, including the listing of Bitcoin ETFs in the US, have generated more excitement around crypto integration and will continue to expand the adoption of crypto assets globally and in India." Nair added.
Netero Dai, OKEx CEO for Asia, said that the impressive rally in Bitcoin and Ether has been a major factor in driving the overall growth of crypto assets around the world. Furthermore, inflation is the biggest enemy of investments and crypto assets provide a strong hedge against it, he added.
The main crypto token, Bitcoin, hit an all-time high of $ 68,530.34 today, data from coinmarketcap.com suggests. Its market capitalization was around $ 1.29 trillion, representing a 43 percent share of the overall market capitalization of cryptocurrencies.
Its closest pair, Ethereum, also climbed to a new life peak of $ 4,837.59 and its market capitalization hovered around $ 570 billion. Its share of the total m-cap of cryptocurrencies stood at close to 20 percent.
The combined market capitalization of the top two cryptocurrencies is $ 1.86 trillion, with a 62 percent or nearly two-thirds share of the overall market capitalization.
Market analysts believe that cryptocurrencies are the greatest financial revolution in modern history, which may change the way monetary transactions are executed. Bitcoin may even test the $ 100,000 mark by the end of the current year, some project.
Besides Bitcoin and Etherum, altcoins like Solana, Shiba Inu, Dogecoin, Polkadot, Cardano, XRP have also delivered multibagger returns to investors in just a few months.
Avinash Shekhar, Co-CEO of ZebPay, said there is growing interest in crypto assets, blockchain-based products, and services like NFTs. He believes that the cryptocurrency and blockchain market still has a long way to go, and these are just small milestones that reassure the widespread adoption of assets and technology.
Bitcoin with just over a decade has vastly outperformed traditional investment asset classes like gold, verifying it as the best performing asset of the 21st century. Not only retail bidders, but even institutions are also betting on cryptocurrencies.
Shivam Thakral, CEO of BuyUcoin, said that the growth of crypto assets around the world demonstrates the fact that the number of investors joining the crypto revolution is growing exponentially.
"There is growing enthusiasm around decentralized finance and non-fungible tokens. And with meme currencies like DOGE and SHIB offering low-cost entry to these investors, the market is expected to grow even more," he added.
Governments around the world have shown a soft and positive stance on digital currencies, with some smaller nations elevating them to legal tender status.
Even the Government of India is likely to take a positive stance on digital tokens as the Ministry of Finance is reportedly aiming to accelerate the amended cryptocurrency bill at the beginning of the winter session.
