In the beginning of 2021, the total market capitalisation of cryptocurrencies was around $830 billion (roughly Rs. 62,21,688 crores). Since then, the valuation has witnessed a substantial growth of 233 percent.
Reports also suggest that the position of Bitcoin plays a vital role in affecting the market position of other altcoins. The value of Bitcoin, as of now, makes up around 45 percent of the total crypto market cap, according to a study by coinannounce.com.
Ethereum, on the other hand, constitutes 17 percent of the total crypto market valuation accounting for $458 billion (roughly Rs. 34,34,771 crores).
Despite adoption reluctance from countries like China and Russia among others, the global crypto market is clearly expanding at a rapid pace.
Several investors including Mark Cuban have also called Bitcoin the modern-day gold — pitting the crypto token against one of Earth’s most valuable substances.
Presently, the Asian countries of Vietnam, India, and Pakistan respectively, are emerging as potential crypto mammoth nations.
In the 12 months up to June 2021 the cryptocurrency market grew by 706 percent and reached a value of $572.5 billion (roughly Rs. 42,62,844 crores) in Central and Southern Asia, and Oceania (CSAO) region alone, a report by market research firm Chainalysis had said.
Indian trade association NASSCOM has also predicted a multi-fold growth for the cryptocurrency market in the next five years i.e by 2026.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.