Bitcoin Surges, Global Crypto Market Cross $2tn for the First Time

In the past three months, this is the first time the global cryptocurrency market has touched $2 trillion. The industry players states that the surge in the market cap hints a wider reception of crypto assets across the globe and includes India as well.

Presently, Bitcoin has crossed the $46,000 mark that is more than 34 lakh for single coin, once again. The most popular cryptocurrency has been trading in the green with a market cap of more than $848 billion, says the  CoinMarketCap.

Shivam Thakral, CEO, BuyUcoin says, "The world's oldest cryptocurrency, Bitcoin has witnessed a fantastic rally recently and the latest Ethereum upgrade, also known as London Hard Fork, has boosted the Ether price." He further adds, "The current bull run is expected to continue, and we are highly optimistic that Bitcoin will hit the $100,000 mark by the end of this year.”

Crypto assets are evolving to become mainstream with several brands across the world accepting cryptocurrency as a form of payment. However, Cryptocurrency exchange WazirX has witnessed a massive 2,648 percent growth in user signups from tier 2 and 3 cities in India. Also, the surge of higher participation of women from smaller towns compared to their urban counterparts has been noticed.

The cryptocurrency exchange currently has more than 7.3 million users and has reached over $21.8 billion in trading volume in 2021 till date. There are over 1.5 crore Indians holding more than Rs 1,500 crore worth crypto assets

Nischal Shetty, CEO, WazirX says, "Crypto has immense potential to remove the financial barriers for rural India, and provide cheaper access to capital, more online jobs.”.

Also, the industry experts predict that crypto may turn as the most important asset class of the 21st century.