The global cryptocurrency market capitalization is now at US$3 trillion! The crypto market added another feather to its cap on Tuesday, November 9, 2021. According to reports, with this surge, the total value of cryptocurrencies develops into more than the GDP of nations like the UK, France, India, and Italy.
The worldwide adoption of cryptocurrency has skyrocketed by 880% over the past few years. In countries like India, Vietnam, and Pakistan, the emerging crypto adoption trends have proved that there is a boom in cryptocurrency adoption, with investors, retailers, and financial institutions using crypto as legitimate modes of payment.
“The growth of crypto assets across the globe testifies to the fact that the number of investors joining the crypto revolution is growing exponentially. We are witnessing a massive surge in trading volumes on our exchange, and crypto has become the first choice of investors to beat inflation” said Shivam Thakral, the CEO of BuyUcoin. Crypto analysts believe that the investors are bracing themselves for any future economic inflation in the market.
He adds,” There is growing excitement around decentralized finance and non-fungible tokens and, with meme coins life DOGE and SHIB offering low-cost entry to investors, the market is expected to grow further.”
He remains optimistic that Bitcoin will keep testing its all-time highs and hit the US$100,000 mark by the end of this year. The market is currently witnessing the biggest financial revolution in modern history, which will forever change the way monetary transactions are executed.
Netero Dai, Asia CEO, OKEx, says that the bitcoin and ether price rally has been a major factor in driving the overall growth of crypto assets around the globe. 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 crypto as an asset class is the only way to create sustainable, long-term wealth, which is not limited by traditional growth markets of the world. The much-expected bitcoin upgrade, aka Taproot upgrade, will bring in a more efficient system and is expected to further boost the confidence of new and old investors.
The governments and policymaking agencies are also giving a positive stance on digital currencies by adding bitcoin and other cryptos as legal tender in their respective countries.
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