Cryptocurrency market surges past $2.5 trillion

Cryptocurrency market surges past $2.5 trillion after greenlight expected from U.S. regulator.

Bitcoin and cryptocurrency prices surged this week as expectations the U.S. regulator will greenlight a bitcoin futures exchange-traded fund (ETF) have soared. The bitcoin price blazed through $60,000 per bitcoin, hitting highs of almost $63,000 yesterday, Saturday, October 16, before falling back slightly and pushing the combined cryptocurrency market to over $2.5 trillion—returning to its May peak.

As Bitcoin, Ethereum and other major cryptocurrencies rocket higher, crypto traders are predicting a “ludicrously strong” rally through the rest of 2021.

“Bitcoin, Ethereum and the broader crypto market are likely to have a ludicrously strong Q4, and I predict we will see new all-time highs across the board by 2022,” Nick Spanos, the creator of the Bitcoin Center NYC and co-founder of decentralized network, said in emailed comments. Spanos predicts bitcoin will hit $100,000 before the end of the year and expects the Ethereum price to more than double to between $10,000 and $12,000.

Investment banking and asset management firm JMP Securities says that “The crypto economy is entering the mainstream,” emphasizing that crypto “adoption and early use cases have established ‘escape velocity.” However, the firm’s analysts noted that “the industry is still in its formative stage.”

JMP Securities recently published a research note that discusses cryptocurrency adoption. Noting that “The crypto economy is entering the mainstream,” the analysts wrote:

The crypto market has come a long way in its short existence, and we believe both adoption and early use cases have established ‘escape velocity,’ whereby binary arguments about its fate are all but off the table at this point.


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