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Crypto Market Capitalization Inches Closer to $3 Trillion

Brian Njuguna   Nov 09, 2021 10:15 2 Min Read


The cryptocurrency market has experienced twists and turns in 2021, but this has not dampened its spirits to soar to new heights. This market's capitalization is a stone’s throw away from the $3 trillion mark as it stands at $2.96 trillion.

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This upward momentum has been boosted as leading cryptocurrencies continue setting new all-time highs. For instance, Bitcoin broke the record at $68,500 in the last 24 hours as more investments continue trickling into this market. 

Furthermore, Ethereum topped $4,800, a scenario not seen in its 6-year journey.

The crypto market has been experiencing an uptick in activities based on the ripple effect of some of the ecosystems.

For instance, Solana (SOL) is experiencing significant growth based on the high transaction speeds it offers because it merges the proof-of-history and proof-of-stake consensus mechanisms.

As a result, its demand in booming decentralized finance (DeFi) and non-fungible token (NFT) sectors continues to grow. 

Miners emerge as some of the biggest beneficiaries in the crypto space

As the value of the crypto market continues to increase, miners are benefiting from the surge based on the revenue generated. For instance, Bitcoin miners’ revenue has surged by 550% since the 2020 halving.

On-chain metrics provider Glassnode explained:

“Bitcoin miners see BTC income halved every four years. In the current epoch, miners average between 900 and 1,000 BTC per day. Despite this reduction in BTC denominated income, miner revenue in USD is up 550% since the 2020 halving, and approaching an ATH of $62M+ per day.”

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Despite Bitcoin miners making a kill with $13.6 billion, Ethereum miners have earned the most in 2021 with a revenue of $17 billion, according to crypto insight provider Arcane Research. 

This is based on the massive activity witnessed on the Ethereum network, which has increased transaction fees


Image source: Shutterstock


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