Crypto mkt soars past $3-trn mcap
The rise is very much welcome by the Indian crypto community and was inevitable given the promise the market had shown in recent years
image for illustrative purpose
Crypto and blockchain being a global market and industry, we believe the market still has a long way to go and these are small milestones reassuring the mainstream adoption of the assets and the technology - Avinash Shekhar, Co-CEO, ZebPay
Mumbai: Driven by increasing interest from institutional investors and retailinvestors as well into the crypto assets, blockchain-based productsand services like NFTs Cryptocurrency market has soared past $3 trillion market capitalisation (mcap).
Avinash Shekhar, Co-CEO, ZebPay, says: "We have seen increasing interest from institutional investors and retail investors as well into the crypto assets, blockchain-based products and services like NFTs. Crypto and blockchain being a global market and industry, we believe the market still has a long way to go and these are small milestones reassuring the mainstream adoption of the assets and the technology."
"We're looking forward to crossing many moresuch milestones in the future and hope all Indians get to participatein it with a clear regulatory framework around cryptos," he adds.
"This is an important milestone of the crypto industry and re-emphasizes investors' trust in the potential of blockchain technology to disrupt the way digital natives interact with the Internet," said Sharan Nair, chief business officer, CoinSwitch Kuberand member Blockchain and Crypto Assets Council (BACC).
Recent developments in the industry, including Bitcoin ETF listing inthe US, have led to further excitement around crypto mainstreaming andwill continue to expand crypto-asset adoption globally and in India, he added.
This rise is very much welcome by the Indian crypto community and wasinevitable given the promise the market had shown in recent years. There is an alternative financial system being created which isalready running in parallel with the traditional systems and thegrowth of this alternative is evident through these record highs.
Tarusha Mittal, COO and Co-founder, UniFarm and OroPocket, says: "As an investor, one should always be aware and educated about thepotential investments one is hoping to acquire. The same should befollowed while making investments in this space. It is imperative thatboth, existing and new investors, should aim to research thetechnology behind their preferred firm, project, startup, etc, andalso understand the utility of the product behind the token. Theyshould not be in this space only because it is trending or breakingrecords, there should be a rationale behind their investments andtheir choices".
What this means from an investor?
Well, for an investor, the recent highs are a sign of the cryptomarket maturing and depicting sustainability. People who are on edgeshould start steady exploration and experimentation with the cryptosector now as it is evident that this space is here to stay and willbe breaking more such records in the near future. In this era of digital payments, paper money is slowly contracting tomake way for its digital counterparts and cryptocurrencies are goingto be a significant part of those.
