A new milestone has been hit today, with the cryptocurrency market over $3 Trillion in value for the first time ever.
The little more than a decade old market for digital assets has already roughly quadrupled from its 2020 year-end value, as investors have gotten more comfortable with established tokens such as Bitcoin and networks like Ethereum and Solana continue to upgrade and attract new functionality. Excitement about the possibilities of DeFi and NFT’s is growing, and meme-coins like Dogecoin and Shiba Inu continue to attract attention.
“Bitcoin appears to be pushing out of a bullish flag pattern, and Ether is likely to confirm a long-term breakout on a close above resistance this Friday,”Katie Stockton, founder and managing partner of Fairlead Strategies
As of 9:54 a.m. in New York, the overall market cap of cryptocurrencies hit $3.3 trillion, as the third- and fourth-biggest tokens, Binance Coin and Solana, have added more than 20% in the past seven days, and all of the seven biggest coins are up over the last week.
Crypto companies such as miners Marathon Digital Holdings Inc. and Riot Blockchain Inc. each rallied more than 10% Monday. Coinbase Global Inc., the largest U.S. exchange, gained as much as 3.6%, a day before reporting third-quarter results.
Of course, crypto is notoriously volatile. The last time Bitcoin reached these levels, it fell back several thousand dollars, and it’s undergone multiple corrections that take it down by half or more. Other coins are even more volatile – the memecoins bounce back and forth wildly at times – and scams and hacks occur with some frequency.
But today seems like a good day for Hodlers, with the cryptocurrency market over $3 Trillion for the first time.