Global crypto market cap surges past $3tn as top coins rally
The global crypto currency market is now worth a whopping $3tn (£2.2tn) according to data from CoinGecko.
It comes after top ten crypto currencies have all experienced a price surge over the past week helping to push the market to new heights. Bitcoin has jumped above the $66k mark, up 6.4 per cent in 24 hours, whilst the world’s second biggest cryptocurrency, Ethereum, touched a new all time high above $4.7k.
Susanna Streeter, an analyst at Hargreaves Lansdown, suggested that today’s surge could be a result of inflationary fears. “The recent surge in the crypto asset partly seems to have been caused by investors piling in, seeing it as a hedge against inflation,” she said.
“Some appear to have been enticed by the argument that the huge monetary stimulus programmes unleashed by central bank is fuelling inflation which will see the value of money decrease over time, whereas Bitcoin has a fixed limit on the number of coins which can be created,” referencing Bitcoin’s hard money properties.
The price of Bitcoin has been lifted on a series of bullish announcements this week including the news that the mayor of New York intends to take his first three paychecks in crypto.
Read more: Ethereum sets new record high as US mayors compete for Bitcoin pay