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Cryptocurrency Market Continues to Rise

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According to the report, according to CoinGecko data, the current total market value of cryptocurrency is $1.17 trillion, up 9.1% in 24 hours, and the 24-hour …

Cryptocurrency Market Continues to Rise

According to the report, according to CoinGecko data, the current total market value of cryptocurrency is $1.17 trillion, up 9.1% in 24 hours, and the 24-hour trading volume is $95.38 billion. The current market value of Bitcoin accounts for 40.8%, and the market value of Ethereum accounts for 17.4%.

The total market value of cryptocurrency is $1.17 trillion, up 9.1% in 24 hours

Interpretation of the news:


The cryptocurrency market is seeing a surge as the current total market value of cryptocurrency has reached $1.17 trillion. This is up by 9.1% in just 24 hours, with the trading volume at $95.38 billion. Such a rise is significant and demonstrates the sustained interest that investors have in cryptocurrency.

Bitcoin continues to be the major player with a market value of 40.8% ($477.62 billion) of the total cryptocurrency market value. Ethereum is the second most popular cryptocurrency commanding a market value of 17.4%, which is approximately $203.46 billion. Collectively, the market value of the two popular cryptocurrencies account for more than 58% of the total cryptocurrency market.

The rise in cryptocurrency value and trading volume could be a result of the global pandemic. Due to the pandemic, many investors are looking at cryptocurrency as a safe investment option, as compared to the volatility of traditional stocks and forex. Besides, the rise in cryptocurrency adoption has also led to its increased value. Now, more and more merchants accept cryptocurrency as a mode of payment; thus, providing greater liquidity to the market.

Investors are also looking at cryptocurrency as an excellent option for diversification as it adds a new asset class to the portfolio. The current rise in the value of cryptocurrency has also led many traditional financial institutions to offer clients an opportunity to invest in cryptocurrency. This gives investors more confidence in the cryptocurrency market and its foundation as part of the financial sector.

In conclusion, cryptocurrency continues to prove its worth as an excellent investment option that is here to stay. Its entry into the financial scene has been gradual but steady, making it a reliable asset class for investors. The digital currency market is experiencing growth and increasing adoption that has been intensified due to the global pandemic. This, therefore, results in a high trading volume and an increasing value of cryptocurrencies.

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