The cryptocurrency market across the world hits USD 2 trillion for the first time in nearly three months. The industry players said on Friday that the rise in the market cap indicates a wider acceptance of crypto assets worldwide, including in India. Bitcoin has crossed the USD 46,000 mark which more than rupees 34 lakh for single coin once again.
According to theCoinMarketCap, the most popular crypto has been trading in gains with a market cap of over USD 848 billion. The Chief Executive Officer of BuyUcoin, Shivam Thakral had said in a statement, “The world’s oldest cryptocurrency, Bitcoin has witnessed a fantastic rally recently and the latest Ethereum upgrade, also known as London Hard Fork, has boosted the Ether price."
Crypto assets are moving towards becoming mainstream with many brands around the globe are accepting cryptocurrencies are being used as a form of payment. India's Cryptocurrency exchange, WazirX has witnessed a massive growth of 2,648 percent in user signups from tier 2 and 3 cities in the nation. They observe higher participation from women of smaller towns compared to their urban counterparts in India. There are more than 7.3 million users cryptocurrency market at present and till date has clocked over USD 21.8 billion in trading volume in 2021.
Nischal Shetty who is the Chief Executive Officer WazirX had said that crypto has immense potential to remove the financial barriers for rural part of India and provide cheaper access to capital more online jobs. There are more than 1.5 crore Indians holding over rupees 1,500 crore worth of crypto assets. According to industry specialists, cryptocurrencies may become the most important asset class of the 21st century.