The global cryptocurrency market capitalization is now US $ 3 trillion! The cryptocurrency market added another feather to its cap on Tuesday, November 9, 2021. With this increase, the total value of cryptocurrencies reportedly becomes more than the GDP of nations such as the UK, France, India and Italy.
Global adoption of cryptocurrency has exploded by 880% in recent years. In countries like India, Vietnam, and Pakistan, emerging crypto adoption trends have shown that there is a boom in crypto adoption, with investors, retailers, and financial institutions using crypto as legitimate forms of payment.
โThe growth of crypto assets around the world demonstrates the fact that the number of investors joining the crypto revolution is growing exponentially. We are witnessing a massive increase in trading volumes on our exchange, and cryptocurrencies have become investors' first choice to beat inflation, โsaid Shivam Thakral, CEO of BuyUcoin. Crypto analysts believe that investors are preparing for any future economic inflation in the market.
He adds: "There is growing enthusiasm around decentralized finance and non-fungible tokens and with the meme life coins DOGE and SHIB offering low-cost entry to investors, the market is expected to grow even more."
He remains optimistic that Bitcoin will continue to test its all-time highs and hit the $ 100,000 mark later this year. Currently, the market is witnessing the greatest financial revolution in modern history, which will forever change the way monetary transactions are executed.
Netero Dai, Asia CEO, OKEx, says that the rally in bitcoin and ether prices has been a major factor in driving the overall growth of crypto assets around the world. He says: "Inflation is the biggest enemy of investments and crypto assets provide a strong hedge against inflation."
He believes that institutional and retail investors have now realized that cryptocurrencies as an asset class is the only way to create long-term sustainable wealth, which is not limited by the world's traditional growth markets. The long-awaited bitcoin upgrade, also known as Taproot, will bring a more efficient system and is expected to further boost the confidence of new and old investors.
Governments and policy-making agencies are also taking a positive stance on digital currencies by adding bitcoins and other cryptocurrencies as legal tender in their respective countries.
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