Insights

The total value of crypto just surpassed US$3 trillion, what’s next?

It a historic day for cryptocurrencies…
The post The total value of crypto just surpassed US$3 trillion, what’s next? appeared first on The Motley Fool Australia. –

It is a momentous day on the cryptocurrency timeline today as crypto assets pass US$3 trillion (A$4.05 trillion) in total value. The milestone moment in history comes as the price of Bitcoin (CRYPTO: BTC), Ether (CRYPTO: ETH), and other digital currencies hit new record highs.

At the time of writing, the largest cryptocurrency by market capitalisation, Bitcoin, is fetching A$91,201. Meanwhile, Ether is being swapped at a price of A$6,465.

For context, the entire crypto ecosystem is now worth more than the world’s most valuable listed company, Microsoft Inc (NASDAQ: MSFT). In terms of assets, the contentious digital investment is now only second to gold in size, at US$11.6 trillion.

What’s the next move for crypto?

While there are still plenty of cryptocurrency sceptics in the world, the last month or so has seen numerous developments fuelling positive investor sentiment. These have mainly involved Bitcoin — though, in the crypto space often a rising tide lifts all boats.

In Australia alone, this month has already seen the announcement of the Commonwealth Bank of Australia (ASX: CBA) making crypto services available via its CommBank app. Secondly, the very first Australian cryptocurrency exchange-traded fund (ETF) landed on the ASX last week. These announcements marked further institutional acceptance.

The continuation in the crypto bull market has been relentless over the past 12 months. In fact, Bitcoin has returned 294% in the past year. Even more impressively, Ether has delivered more than a 10X return over the same timeframe.

Understandably, investors and market participants are wondering where to from here. Unfortunately, none of us can see into the future. Though, some analysts’ forecasts have painted a rosy picture for the near term.

According to Adrian Zduńczyk, known as Crypto Birb on Twitter, Bitcoin could be set for a rally towards US$80,000 (~A$108,000) in the near future. At the same time, Zduńczyk has pencilled out a price target of US$20,000 for early 2022.

Likewise, executive director at crypto fund ARK36, Mikkel Mørch, explains why there is potential for further upside in Bitcoin:

As Bitcoin exchange balance is at a 3 year low while long-term holder supply is at an all-time high, there are simply too few bitcoins available to keep up with the demand.

The post The total value of crypto just surpassed US$3 trillion, what’s next? appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

More reading

Why Dogecoin, Shiba Inu and Bitcoin investors should ‘follow’ Elon Musk

Here’s why the Betashares Crypto Innovators ETF (ASX:CRYP) share price is surging 7% today

Big pay rises on the cards? And what about Bitcoin? Scott Phillips on Weekend Sunrise

The Bitcoin (CRYPTO:BTC) price is still leaping higher, and so is its energy use

Could ANZ be the next ASX bank to jump on the crypto bandwagon?

Teresa Kersten, an employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool’s board of directors. Motley Fool contributor Mitchell Lawler owns shares of Bitcoin, Commonwealth Bank of Australia, and Ethereum. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Microsoft. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!