Crypto records market cap of $2.7 trillion
October has been the month for the crypto market. Bitcoin (BTC) rose to a record high of around $ 66,000 on the 20th pushing the market capitalization of all crypto assets to an All-Time High of $2.7 trillion.
Meanwhile, Ethereum also hit its five-month high of over $4,200 on the 21st. It climbed 46% in 30 days and nearly rose to its ATH of $4,384 on Thursday.
In terms of market capitalization as a whole, the market has more than tripled from $770 billion recorded at the beginning of the year.
The background of the significant rise was accredited to the approval of the US’s first Bitcoin ETF. The ProShares Bitcoin Futures ETF saw a trading volume of nearly $1 billion on the day of launching.
In addition to this, major wall street companies have begun to view cryptocurrencies as an influential asset class with many companies and financial institutions looking to grab a share of the profits.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow