Global Cryptocurrency Market Cap Crosses $3 Trillion Threshold for the First Time

A leading price valuation website for cryptocurrencies, CoinGecko.com, shows that as of this writing at 6:30pm ET on Monday, Oct. 8, the global market capitalization for the crypto industry remained higher than the $3 trillion level. The total crypto market cap has not dipped below that threshold since Bloomberg first reported the breakthrough move earlier today.

Major psychological milestone breached

This marks the first time total crypto sector valuations have broken that barrier since blockchain technology was conceptualized and Bitcoin was named in the Satoshi Nakamoto white paper published in 2008. 

Image via CoinGecko.com

Can these data be trusted?

Regarding the validity of these data on its website, CoinGecko has a statement under its methodology page that reads,

“CoinGecko provides a wide variety of data on many different crypto assets. All data that we receive/query from various sources are put through CoinGecko’s various algorithms that verifies the integrity of the data.”

According to the site, top-ranked cryptocurrency - Bitcoin - was up nearly 8 percent over the preceding 24-hour window to more than $66,000 creating a market capitalization of $1.24 trillion all on its own. The second-ranked coin by market cap - Ethereum - set a new all-time high today at more than $4,793 per coin, pushing its total market cap to more than $565 billion. As a cross-reference, CoinMarketCap currently pegs the total crypto space valuation at $2.89 trillion.