These Top 3 Cryptos Hold Over 66% Of Crypto Market Value

3 min read | November 12, 2021 07:10 PM AEDT | By Aditi Saha

These Top 3 Cryptos Hold Over 66% Of Crypto Market Value — Image source: © Jrockdesign | Megapixl.com

Launch of Bitcoin futures ETF fuels Bitcoin's ascent

On 15 October, Bitcoin, the crypto king, crossed the US$60,000 barrier for the first time since April, sparking a market-wide rally as investors anticipated the debut of a Bitcoin futures ETF.

The launch of the Bitcoin ETF was a crucial step toward legalising cryptocurrency and has aided Bitcoin's ascent.

Bitcoin recorded a new all-time high of US$68,789.63 on 11 November.

Bitcoin futures may also prove to be a boon in the investment world, as the move is expected to lead to an increased investment in digital assets. Thus, it will let investors speculate Bitcoin's price without acquiring it, and it will be less volatile than direct currency investments.

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Source: Jrockdesign | Megapixl.com

Furthermore, a futures ETF differs from a traditional ETF. A conventional ETF gives investors exposure to an underlying asset. In contrast, investors can speculate the underlying asset's price by Bitcoin futures ETF.

As crypto usage attains mainstream acceptability, the installation of over 10,000 Bitcoin ATMs worldwide in 2021 is a significant infrastructural milestone for the flagship digital currency.

Bitcoin is currently trading at US$64,457.74.

Innovation and adaptability propel Ethereum's growth

Ethereum is another crucial player in the crypto realm, and it has the potential to become a more precious asset in the long run. Ethereum is viewed as a strong contender to Bitcoin in the crypto market due to its real-world applications that can store significant value. Furthermore, because Ethereum enables new applications on its decentralised infrastructure, it can simplify worldwide payments. It also makes smart contracts between multiple parties easier to execute without the use of intermediaries.

Moreover, according to Crypto Parrot's data, 149,843 new Ethereum addresses were issued on a YTD basis in 2021.

Ethereum is currently trading at US$4,726.94.

BNB crossed US$600 again in November 2021

In the crypto market, Binance Coin is exploding and crossed the US$600 mark for the second time in 2021 in the month of November after hitting a 52-week high of US690.93 on 10 May 2021.

Binance recently introduced a US$1 billion fund, dubbed the "largest funding programme in the whole crypto sector." The fund's goal is to accelerate the adoption of the whole blockchain industry and the Binance Smart Chain.

The move appears to have boosted investor confidence, as seen by a spike in BNB demand and considerable gains in the currency.

Binance Coin is currently trading at US$624.37.

Bottom line

The three cryptocurrencies' dominance draws attention to the market's recent boom, which shows signs of improvement. As the top cryptos gain traction, they now account for nearly 64% of the total value of the crypto market.

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