Crypto market cap soars to $ 2.7 million

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As bitcoin (BTC) hit an all-time high of $ 66,000 on Wednesday, the market cap of all cryptocurrencies hit a new high of $ 2.7 trillion, according to data from CoinGecko.

Ether (ETH), the native cryptocurrency of the Ethereum network, has also climbed. The cryptocurrency peaked in five months at over $ 4,200 on Thursday morning.

The industry’s total market capitalization has more than tripled since the start of this year, when it stood at $ 770 billion.

The surge in the industry’s overall valuation comes in a new spirit of turmoil that has reinvigorated crypto markets since early October, with the rollout of one-of-a-kind price-linked exchange-traded funds (ETFs). bitcoin futures and big business Wall Street companies increasingly view cryptocurrencies as a legitimate asset class for investors.

The rapid growth has also alarmed regulators, fearing that stablecoins and other cryptocurrencies pose risks to the stability of the traditional financial system.

According to the companiesmarketcap.com website, the total crypto market cap is now about double that of the $ 1.4 trillion in silver, and has climbed as a percentage from the $ 11.3 trillion in gold. The crypto’s market cap also exceeds the valuation of shares of Apple, the world’s largest publicly traded company, at $ 2.5 trillion.

At the time of going to press, bitcoin was trading at $ 65,000, up 12% on the week.

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