Cryptocurrency market already exceeds US $ 3 trillion

Today the cryptocurrency market reached a record, generated by “a part of speculation and a part of reality,” according to analysts.

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This Monday the cryptocurrency market surpassed US $ 3 trillion for the first time in its history, a record level due to increased demand for digital currencies.

As reported CoinGecko page, which monitors the market for more than 10 thousand criptomonedas , at 10H00 GMT the market reached US $ 3.7 trillion.

But what has generated this increase in the price of cryptocurrencies ? Analysts point out that there is “a part of speculation and a part of reality.”

“The market for criptomonedas increases with astonishing speed , ” said Ipek Ozkardeskaya, market analyst for Swissquote, told AFP.

But, “a bubble of the same type as the Internet ” is feared in the 2000s.

This increase occurs in a context of greater interest on the part of traditional finance and investors, seduced by vertiginous rises, but worried about  inflation .

Contrary to the euro or the dollar, the number of bitcoins was set at 21 million, which are issued little by little, a rule impossible to change without controlling the integrity of the decentralized network.

Therefore, some investors would believe that  cryptocurrencies are a way to protect against high levels of inflation.

“It’s a very risky strategy given how volatile the cryptocurrency is and seeing how its value can come under pressure from regulators, or even comments on social media,” said Susannah Streeter, market analyst for Hargreaves Lansdown.

Today bitcoin , which represents more than 40% of the market, was approaching its all-time high, rising 5% to $ 66,035. While  Ethereum , the second largest cryptocurrency, was up 2% at $ 4,727.