The total capitalization of the cryptocurrency market reached a record high of $400 billion. At the same time, the cаpitalization of the gold market is several times higher than the digital currency sector.
$400 billion is still not enough
The cryptocurrency market is rapidly developing, especially after the popularization of decentralized finance. According to the analytical resource DeFi Pulse, since July of this year, the cryptocurrency sector has attracted more than $11 billion.
At the same time, the lion’s share of capitalization falls on Bitcoin. At the moment, it exceeds $240 billion. The top five also include the ETN token, Tether stablecone (USDT), XRP and Bitcoin Cash. In terms of capitalization, cryptocurrencies were bypassed by companies such as Tesla (capitalization $392.6 billion), Johnson & Johnson (capitalization is $382 billion), Mastercard ($329.95 billion).
Despite such growth, the cаpitalization of the cryptocurrency market still remains insufficient for digital coins to have a noticeable impact on the global economy. It is likely that the value of cryptocurrencies will continue to grow, and along with this, cаpitalization will increase.
This opinion is shared by the founder and head of the cryptocurrency fund CryptoArt Andrei Tonkolitko in an exclusive interview for BeInCrypto said that the digital currency market is only entering the stage of development and so far cannot compete with other sectors or individual companies.
“Bitcoin, and the entire cryptocurrency market, is still under development. And the capitalization here is very small. I will give the figures for comparison: the capitalization of the cryptocurrency market is now approximately $0.25 trillion.
Capitalization of only one Apple – $2 trillion, capitalization of the gold market – $77 trillion. And every year Bitcoin will strengthen its position in society, and the price will increase. That’s why Bitcoin is called the currency of the future. Against the background of the general crisis and depreciation of money, the cost of cryptocurrencies will increase, “he said.