The crypto market has grown by more than $ 1 trillion since October and is likely to soon surpass the $ 3 trillion mark.
(Photo: Reuters)
Dusseldorf The rally on the crypto market continues unabated: On Tuesday, Bitcoin, the oldest and most important crypto currency, rose to more than $ 68,000 for the first time, according to data from the analysis company Coinmarketcap. The second largest cyber currency, ether, also reached a new high of $ 4,838. Second-tier digital currencies also gained: Cardano gained seven percent, the fun currency Shiba Inu more than six percent.
The entire crypto market has grown by more than 50 percent since the beginning of October. During this period, market capitalization rose by more than $ 1 trillion and is expected to soon surpass the $ 3 trillion mark.
Market observers currently see three main reasons for the rally:
1. Cryptocurrencies as an inflation hedge
The crypto currencies mainly from the rising inflation. Inflation hedges are “in demand, especially cryptocurrencies,” writes Cris Weston, head of research at Pepperstonte Financial, in a note.
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