The total crypto market cap is fast approaching $3 trillion which will mark a new all-time high and a tremendous 10 times growth in the past year.
Market analyst Lark Davis believes that it’s still early for buyers as he sees the market growing to reach as much as $100 trillion.
Am I late? A common question with buyers; new ones and those accumulating. Many are still interested in investing in the crypto market and it’s easy to see why. In around a year, the total market cap has grown by nearly 10 times and is now approaching $3 trillion. In its rise, it has helped thousands breakout of their financial chains. In fact, according to a recent survey, 4 percent of 6,741 respondents have quit their low paying jobs in recent months after acquiring “financial freedom” from investing in crypto assets.
correction, I should have said, 4pct of the Labor Force, or approximately 6m people
— Mark Cuban (@mcuban) November 3, 2021
Other surveys have shown that there is increasing interest, especially from young adults. While some have been attracted by the high returns in a considerably short time, others invested in cryptocurrencies for a long term strategy.
With several cryptocurrencies expected to continue rising and setting new ATH over the coming weeks, analysts expect the total market to get over the $3 trillion mark soon. Where from here?
Market analyst Lark Davis has been calling on new investors to get in on the action with the market still having a long way to go. Davis who has in the past applauded cryptocurrencies for offering investors financial freedom has advised his followers that it is still not too late to get involved.
#crypto total market cap closing in on 3 trillion, could hit 100 trillion by the end of the decade. You are not super early, but you are definitely not late!
— Lark Davis (@TheCryptoLark) November 3, 2021
Coins leading the crypto market to $3T
With a market dominance of nearly 50 percent, and the most popular cryptocurrency with the highest market cap, Bitcoin is likely to continue leading the market for the foreseeable future. Although the digital asset is currently stalled at the $63,000 level, analysts predictions place it above $100,000 at the end of the year. Like others, Lark Davis sees this going even higher to top $200,000 next year.
Another closely watched asset is Ethereum (ETH). The second-largest cryptocurrency has become a favorite for many investors and developers over the years. Apart from Bitcoin, Ethereum has been the favorite for institutional investors. It has also been the most adopted by developers over the years. However, its success has also been its own undoing with gas fees and scalability issues. A major upgrade to move to Ethereum 2.0 is underway and is set to be fully deployed early next year. The total value locked in Ethereum Layer 2 solutions has increased by 20 percent in the last 7 days marking yet a new all-time high. This has been an indication of the excitement to upgrade the network.
Competing blockchains like Solana, Cardano, EOS and TRON have also set ambitious goals to surpass Ethereum and their developments continue to inspire their individual price and wider market movement.
Meme coins on the other hand continue to make headlines. Since DOGE’s rise early in the year inspired by its greatest supporter Elon Musk, other coins like Shiba Inu (SHIB) have risen. SHIB has gone as far as taking up a top ten position. Although meme coins always draw controversy over their lack of use case, they have played a major role in introducing new investors to the crypto market.
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