The cryptocurrency market is now worth more than $3 trillion, according to the popular cryptocurrency data aggregator knowns as CoinGecko. Ether, the second-largest crypto coin, just under bitcoin just hit its all-time high on Monday, the 8th of November. Coin Metrics data shows that it is already trading at $4,758, which attests to the coin’s rapid progress.
But the top coin is not slowing down either, as it is inching close to its record high of above $66,900 and it is now trading at approximately $66,006. And, according to CoinGecko, Solana’s token, SOL, is also in the green. This year, it is up nearly 12,000% and it hit its all-time high of nearly $259.96 on Saturday.
This is all happening right now because, as the Covid-19 worldwide pandemic tore apart so many unlucky industries these past two years, the crypto field not only didn’t suffer major losses, but it has been growing consistently, due to the following reasons:
- The world was forced to employ the help of the internet and move many practices to the online
- Lots of businesses and institutions have made a great leap towards digitalization
- The future appears to be completely digitalized
- Crypto and blockchain will be the financial instruments to shape the future
- Although volatile, at times, the crypto market is currently in a process of stabilization and purification
- Ponzi Schemes are becoming obsolete in the field, as more and more people become educated in how to invest by avoiding unsustainable projects
Now even a group that is famously known for being less open to change and innovation than the average Joe, politicians, are starting to advocate and endorse crypto, while also promising to facilitate its assimilation into the mainstream.
Incoming NY mayor Eric Adams promises to take first three paychecks in Bitcoin
Eric Adams, the New York City mayor-elect plans to take his first three paychecks in bitcoin, he tweeted on Thursday.
He wrote that “NYC is going to be the center of the cryptocurrency industry”, which is a big win for the crypto market. That is if he really does plan to stay true to his word and to implement changes in that direction, which only time will tell.
Adams has also said in an interview with Bloomberg Radon that he wanted to wager a “friendly competition” with Francis Suarez, the mayor of Miami and a big bitcoin supporter, who already has a MiamiCoin that seems to be doing well. This inspired Adams to consider creating a city coin for New York that is similar to Miami’s: “We’re going to look in the direction to carry that out.”
What this all shows is that the market is doing well and investors are getting very active. It’s no secret that there are lots of newcomers ready to hit the game and cash in on more profit than other financial activities can offer at the moment, and platforms like the up-and-coming and much-awaited IXFI will make sure to aid beginners on their financial journeys by providing a complete toolkit to educate and guide users on the most suitable and profitable investments.
With so much already on the table for the crypto market, time is the only determining factor until we witness a fully digitized world, which might be even sooner than we think.
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Although the material contained in this article was prepared based on information from public and private sources that IXFI believes to be reliable, no representation, warranty or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and IXFI expressly disclaims any liability for the accuracy and completeness of the information contained in this article.
Investment involves risk; any ideas or strategies discussed herein should therefore not be undertaken by any individual without prior consultation with a financial professional for the purpose of assessing whether the ideas or strategies that are discussed are suitable to you based on your own personal financial and fiscal objectives, needs and risk tolerance. IXFI expressly disclaims any liability or loss incurred by any person who acts on the information, ideas or strategies discussed herein.
