Crypto market value tops $3 trillion

The world cryptocurrency market is worth more than $3 trillion for the first time, according to calculations Monday, as mainstream investors increasingly jump on board.

The value has reached $3.007 trillion (2.6 trillion euros), said CoinGecko, which tracks prices of more than 10,000 cryptocurrencies.

“The crypto market is growing at a mind-blowing speed,” noted SwissQuote analyst Ipek Ozkardeskaya.

“A part of it is speculation of course, but a part of it is real,” she told AFP.

“Crypto is now making its way to traditional finance and everyone is on board.”

Bitcoin, the world’s biggest cryptocurrency, hit a record-high $66,000 last month after taking another step towards mainstream status.

It surged back above $66,000 on Monday close to its all-time peak after a five percent jump.

Ethereum, the second biggest cryptocurrency by market value, hit a record high $4,768 on Monday.

A bitcoin futures exchange-traded fund, a type of financial instrument, launched on the New York Stock Exchange in October.

The ETF is a more accessible vehicle that puts bitcoin within the grasp of even more investors.

Some investors sees cryptocurrencies as a hedge against inflation, which is surging worldwide as economies reopen after pandemic lockdowns.