The crypto market initially approached a new all time high in May during the bull run. This all time high was $2.5 Trillion and this all time high was the combination of the total market capitalization of both bitcoin and other cryptocurrencies. But on the 16th of October the market capitalization got to a new all time high of $2.55 Trillion. This all time high surpassed that of Apple that was sitting on a $2.39 Trillion market capitalization. Just a way to remind you that we are quite still early in the crypto currency, the idea of cryptocurrency was born 12 years ago and look at the success and progress. The New York Stock Exchange capitalization alone is sitting on $26.6 trillion. That’s 10X that of the cryptocurrency.source
Bitcoin has approached a $62k price market which is just $2k price away from its all time high. The cryptocurrency industry took the time this year to prove to the world that its unstoppable and is coming to dominate the world. Although Bitcoin’s sudden price spike was suspected to be linked with the Bitcoin ETF approval. Although I don’t like the idea of the ETF because it’s sounds ridiculous, the government wished they created bitcoin so they could control it. I feel the ETF is another way of trying to manipulate Bitcoin. Why approve a bitcoin replica and discredit the original coin.
This is how I feel though, I stand corrected if any one thinks otherwise.
That aside we have had lots of coins performing really well but their dominance in the total crypto market is not as high as that of Bitcoin and Ethereum. We are 10 months into the year and I already feel bitcoin had a great run. The first quarter of the year was really good in terms of the bullish run, the second quarter was filled with a lot of FUD that wrecked efforts of the first quarter. But the third quarter came in and started with a bullish move that corrected the bearish decline of the second quarter.
Happy to see the way the world is slowly adopting bitcoin, we are slowly seeing more people join the cryptocurrency wagon. Because of its simplicity and easy access, people don’t need to have degrees or study very hard like college students to get involved. The best part of it is how it can be used to make payments and help eliminate remittance excess transaction fees. The stock market can not do that. This is the reason why people prefer to invest in crypto nowadays compare to stocks.