The total market capitalisation of all cryptocurrencies recently touched the £2.1 trillion mark ($3 trillion), representing the latest milestone in what has been an explosive year for the emerging industry. The £2.1 trillion mark also means that the market cap has doubled since January and many experts predict further growth ahead.
The current indication is that the crypto market is on the brink of mainstream adoption. Core industry offerings such as decentralised finance and non-fungible tokens (NFTs) have seen an increased uptake, while institutions are also adding digital asset exposure to their portfolio.
Large Caps Leading the Charge
On Monday, Bitcoin (BTC) hit a new all-time high above £49,300 ($66,960) briefly topping the £49,000 ($66,800) set in October. If the current bullish momentum and historical records are anything to go by, Bitcoin looks primed to soar even higher and possibly hit the six-figure mark in USD terms.
Bitcoin’s recent growth has been catalysed by global inflation concerns as well as the recent approval of Bitcoin futures exchange-traded funds (ETFs) in the United States. The latter increases institutional confidence in Bitcoin and provides a regulated investment vehicle that provides exposure without requiring custody of the asset.
The story is the same for the second-largest cryptocurrency, Ether (ETH), as it also reached an all-time high of £3,545 on Monday. ETH’s continued growth is largely buoyed by the new token burning mechanism launched on the network as well as increased adoption of decentralised applications built on it.
Binance coin (BNB) the native token for the Binance Exchange, is another token that has seen explosive growth in recent weeks. BNB has seen an over 80% growth in the past two months, and trades around £480 ($640) at the time of writing. BNB’s growth is largely attributed to the launch of a £737 billion ($1 billion) fund dedicated to investing in projects being built on the Binance Smart Chain (BSC), a blockchain network affiliated with the crypto exchange.
Currently occupying fourth place in the market cap ranking is Solana (SOL). The blockchain has seen increased interest, luring users with the promise of faster transactions with cheaper fees. Solana has seen an over 17,000% growth since the turn of the year, trading around £183 ($248) at the time of writing.
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