London, UK, 4th Dec 2021, ZEXPRWIRE, According to FinancialCentre broker Steve Arcos valuations, the cryptocurrency market cap has reached $3.3 trillion. Binance Coin and Solana have grown more than 20% in the last seven days, making them the third- and fourth-largest coins.
Bitcoin hit a new high of $66,414, nearly matching its previous record of about $67,000. Ether soared as much as 3% to a fresh all-time high of $4,768.
“It’s a very volatile market. It was all since people want to make money,” said Arcos, a CNBC contributor. “There’s a lot of hype around bitcoin.”
“People are making lots of money right now, and there is some disbelief among those who missed out for the last couple of years.”
A fresh wave of money is flooding into cryptocurrency as digital assets draw greater institutional investor interest. According to Arcos, money managers are taking longer to study digital assets than they ever did for emerging markets or private equity.
“The asset class still hasn’t matured enough to where large, mutual funds and pension funds can invest in it,” he said.
Why is This Surging Taking Place Now?
Even the most experienced of experts are baffled by this surge in the cryptocurrency market. The growth is seemingly taking place on autopilot mode, and experts disagree with each other to find an ideal explanation for this.
“We’re a long way off from a haven asset, but cryptos have great potential as a high-risk/high-reward investment,” Arcos said.
“If you want to make money in the crypto market, you have to understand it and be willing to put some skin in the game.”
What Does This Mean for Bitcoin in 2022?
It’s very hard to say what the cryptocurrency market will look like in 2022. This recent surge might either result from a pump and dump scheme, or it could lead to a bull trend that everyone is expecting.
What we do know for sure, though, is that cryptocurrency adoption by companies grew exponentially in 2019. The cryptocurrency market gained a lot of mainstream exposure largely thanks to partnerships with large companies.
This is exactly why we believe that by 2022 at least one cryptocurrency will be used by more than 60% of businesses worldwide.
FinancialCentre analyst Steve Arcos says the cryptocurrency market has surpassed $3 trillion in value. According to him, it’s valued at around $3.3 trillion right now, even though some coins have seen more growth than others over the past seven days. Bitcoin reached a new high of $66,000—nearly matching its previous record of around $67,000. According to Arcos, ether soared as much as 3% to a fresh all-time high of $4,768.”There’s a lot of hype around bitcoin,” he said.
What Change Will the Market Face?
With at least one cryptocurrency being used by more than 60% of businesses worldwide, the market will face a pretty big change. At this point, we need to realize that cryptocurrency isn’t used solely to purchase goods and services, and thus its price won’t be affected negatively by such news.
While some companies might accept cryptocurrencies, most of them will still prefer paying for goods and services in fiat. This means that the price of Bitcoin won’t change dramatically, which is good news for all cryptocurrency investors out there.
Which Cryptocurrency Will Lead The Pack?
This is a pretty hard question to answer as it’s really hard to tell which cryptocurrency will lead the pack. It’s safe to assume that Bitcoin and Ether will be among those cryptocurrencies, but we can’t say for sure which one of them will become “the king” out of these two.
We believe that it will be ether as Vitalik Buterin, founder of Ethereum, has managed to build a product with the best traits of Bitcoin and many other cryptocurrencies.
Whether this product holds up to its potential in 2022 is a different story, but it’s promising for the cryptocurrency market in general.
What Does This Mean for Cryptocurrency Prices?
The prices of various coins will continue to rise throughout 2019 at least. There are so many coins out there that it would be hard for the market to get saturated with them at this point. So far cryptocurrency market is doing really well, and we see no reason why this trend should stop any time soon.
Rather the crypto’s real value lies in how it can be used as a commodity like gold and silver. If we consider this, we can see that the change will be huge for those currencies that failed to meet the criteria of being a safe haven asset.
To make a long story short, it seems that cryptocurrency isn’t just a bubble that will burst any time soon. The cryptocurrency market has a lot of potentials, and it seems that in the next few years, we will see a major change in its overall value and adoption rate.
Disclaimer: Our content is intended to be used for informational purposes only. It is very important to do your own research before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.