Record-breaking Bitcoin: Cryptocurrencies are now worth more than $ 2.7 trillion

The value of the cryptocurrency market is still growing and exceeds 2.7 trillion dollars. Bitcoin’s record run has pushed digital assets into a bullish climate for now.

Optimism about digital assets fueled by Bitcoin’s run to record highs has helped push the overall value of cryptocurrencies to an all-time high of more than $ 2.7 trillion.

The launch of the first ETF linked to Bitcoin in the United States, approved by the SEC, has given new euphoria to a market, that of virtual currencies, which is booming.

What happens to digital assets and what to expect in a rather volatile financial sector.

Euphoric Bitcoin and Cryptocurrency Rally: What’s Up?

The overall value of cryptocurrencies has increased by $ 200 billion since the last high in May – a major result that tells how much interest is growing in the sector, which now includes nearly 10,000 coins, according to data from tracker CoinGecko.

The now mainstream adoption of digital assets found support after the launch of the first Bitcoin-linked Exchanged-Traded Fund in the US. The leading virtual currency peaked at nearly $ 67,000 on Wednesday before dropping to $ 66,000 at the time of writing.

The rise of digital assets, however, shows how cryptocurrency betting is spreading beyond Bitcoin.

Ether, the largest token after Bitcoin, rose as much as 3.3% on Thursday, almost reaching its highest value since the $ 4,400 level reached in May. According to CoinGeko data, the currency grew 9.8% in one day.

What to expect in the digital currency market

The question from analysts now is whether the euphoria on Bitcoin will succumb to volatility.

A turnaround would likely also dent sentiment in the cryptocurrency market as a whole, which suffered a mid-year rout when its value dipped to around $ 1,300.

For now, the bullish climate is on the rise. Delta Exchange CEO Pankaj Balani said he expects Bitcoin to outperform other tokens and expects the largest digital currency to hit $ 100,000 before the end of the year.

Furthermore, the analyst recalled that “there are a lot of other ETFs awaiting approval in the coming months … we should see an increasingly institutional flow coming to Bitcoin”

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