A historic record has just been crossed for the cryptocurrency sector. And Bitcoin, on its own, exceeds the capitalization of companies like Tesla or Facebook!
The news was trumpeted on the Twitter account of the Coingecko site at 2:15 a.m., French time: the global capitalization ofhas exceeded $ 3 trillion. This is a historic record and the which it was reached is quite unexpected: in April, the 2,000 billion mark had been exceeded, and then the market had experienced a decline – 1,250 billion towards the end of July. Then the trend started to rise again and accelerated sharply during the last 20 days. On October 18, the level reached was 2.6 trillion. And in the night that has just passed, significant progress has been observed, in particular on several major cryptocurrencies.
Ethereum, Solana, Terra Luna and Avalanche shatter their own records
Thus, ETH currencies () and SOL (Solana) themselves reached their highest level, ie $ 4,760 for the first and $ 260 for the second. We could also cite the records set by younger currencies such as Luna or AVAX ( ). More generally, almost all of the Top 10 experienced double-digit growth. The fact remains that the two leading currencies, on the one hand Bitcoin and on the other hand Ethereum, continue to largely dominate the market: 43.3% for the first and 18.7% for the second – i.e. a quasi-tripling in three. years.
The harder will be the fall?
What to say ? It is clear that this is a sign of the growing recognition for cryptocurrencies by many institutions whether financial or in the field of entertainment. Or a consequence of the growing adoption of such currencies by states, notably El Salvador or Nigeria, or even Brazil where a bill proposes to authorize the remuneration of employees in bitcoins. However, let it be said: many investors fear a forthcoming decline which would be just as shattering and which could last for several months, as was the case in 2018. There are many reasons. First, the president of the SEC (American Commission on Securities Affairs) wants the field of cryptocurrencies to be more regulated and he has written to this effect to Democratic Senator Elisabeth Warren. In Europe, Sweden has called for a ban onof cryptocurrencies for currencies created by a requiring a (which is the case with Bitcoin and Ethereum) and would like this ban to extend to the entire European continent – the reasons given are ecological. Suffice to say that pile up on the fate of cryptos.
Bitcoin stronger than Tesla
What can we expect in the coming days? Will new records be broken? Or will it be time to fall back? The suspense is in order.