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

Mon, 11/08/2021 - 23:43
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Tor Constantino
Major psychological milestone broken for crypto
Global Cryptocurrency Market Cap Crosses $3 Trillion Threshold for the First Time
Cover image via U.Today

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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. 


CoinGecko chart shows global crypto market cap exceeds $3 trillion

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.

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About the author

Tor Constantino is a former journalist, current corporate executive, and business writer. Since 2017, he has also written about cryptocurrencies, blockchain, DeFi, NFTs, and crypto's potential to revolutionize finance. His writing has appeared in outlets including Fortune, Inc, Entrepreneur, Motley Fool Ascent, DailyCoin, Success, Forbes, CEOWorld, and Yahoo! Finance. He has holdings in Bitcoin, Ethereum, Cardano, and XRP. His views are his own.