According to Coinmarketcap, the market value of all cryptocurrencies has surged to a new record of $2.7 trillion after bitcoin (BTC) rose to an all-time high of $66,000 on Wednesday.
Ether (ETH), the Ethereum network’s native coin, has also been on the rise. Early Thursday, the cryptocurrency surpassed $4,200 for the first time in five months.
Since the beginning of the year, when the industry’s entire market valuation was $770 billion, it has more than tripled.
The increase in the overall industry’s value coincides with a new spirit of ebullience that has swept through crypto markets since the beginning of October, with the launch of first-of-their-kind exchange-traded funds (ETFs) linked to bitcoin futures prices and big Wall Street firms increasingly seeing cryptocurrencies as a legitimate asset class for investors.
The rapid expansion has alarmed regulators, who are concerned that stablecoins and other cryptocurrencies may pose a threat to the existing banking system’s stability.
According to the website companiesmarketcap.com, the overall crypto market capitalization is now approximately double that of silver ($1.4 trillion) and has risen as a proportion of gold’s $11.3 trillion. The crypto market cap also eclipses the $2.5 trillion market capitalization of Apple, the world’s largest publicly traded firm.
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