Cryptocurrency capitalization is increasing amid the pandemic and the popularization of DeFi
Bitcoin accounts for more than half of the total cryptocurrency market capitalization
Cryptocurrencies can’t compete with tech giants yet
International consortium of news organizations developing transparency standards.
The total capitalization of the cryptocurrency market has reached a record high of $ 400 billion. At the same time, the capitalization of the gold market is several times higher than the digital currency sector.
$ 400 billion is still not enough
The cryptocurrency market is developing rapidly, especially after the popularization of decentralized finance. According to the analytical resource DeFi, Decentralized Finance (DeFi) is financial services built on the basis of blockchain technology that offer users access to an open, efficient and … More Pulse, since July this year, the cryptocurrency sector has attracted more than $ 11 billion.
The popularity of decentralized finance, as well as the rapid adoption of cryptocurrencies by institutional and retail investors during the coronavirus pandemic, have become major triggers for cryptocurrency growth. Total market capitalization exceeded $ 400 billion.
At the same time, bitcoin accounts for the lion’s share of capitalization. At the moment, it exceeds $ 240 billion. The top five also include a token. As the use of cryptocurrencies grows, new types of tokens appear. They can represent value or something intangible like voices. Two … More ЕТН, stablecoinsStablecoins – literally translated from English “stable” coins – continue to gain popularity in the digital asset market. With … More Tether (USDT), XRP and Bitcoin Cash. In terms of capitalization, cryptocurrencies surpassed such companies as Tesla (capitalization $ 392.6 billion), Johnson&Johson (capitalization is $ 382 billion), Mastercard ($ 329.95 billion).
Despite this growth, the capitalization of the cryptocurrency market is still insufficient for digital coins to have a noticeable impact on the global economy. It is likely that the value of cryptocurrencies will continue to grow, and capitalization will also increase. This opinion is shared by Andrey Tonkolitko, the founder and head of the CryptoArt cryptocurrency fund, in an exclusive interview for BeInCrypto, said that the digital currency market is just entering a development stage and cannot yet compete with other sectors or individual companies..
“Bitcoin, and the entire cryptocurrency market, is still in the development stage. And the capitalization is very small here. Here are the numbers for comparison: the capitalization of the cryptocurrency market is now about $ 0.25 trillion. The capitalization of only one Apple is $ 2 trillion, the capitalization of the gold market is $ 77 trillion. And every year bitcoin will strengthen its position in society, and the price will rise. This is why Bitcoin is called the currency of the future. Against the background of the general crisis and depreciation of money, the value of cryptocurrencies will increase, ”he said..
Gold and Apple are still in the lead
While cryptocurrencies are only strengthening in the global financial arena, so they cannot compete with such giants as Apple, Microsoft, Amazon, Google and Facebook. In June 2019, Facebook announced preparations for the release of the digital currency Libra. The social network project immediately attracted attention … More, whose capitalization exceeds a trillion dollars.
Also, bitcoin is not yet able to compete with gold, which has seriously strengthened in price against the backdrop of the coronavirus pandemic..
ETHEREUM and ALTCOINS will EXPLODE NEXT after Bitcoin!
“Today the market capitalization of aboveground gold is conservatively $ 9 trillion. If we are correct about using a gold base to value bitcoins, and bitcoin continues down this path, then the most likely scenario for bitcoin is that it is undervalued by a multiple of 45. In other words, bitcoin’s price could rise 45 times. This means that we can see the price of $ 500,000 per bitcoin ”, – believe the Winklevoss brothers, founders of the Gemini crypto exchange.
At the same time, experts are confident that Bitcoin will displace $ 11.7 trillion of fiat foreign exchange reserves held by the American government..
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