Fun world in cryptocurrency, this is the first time the market value has dropped to Rs 2 lakh crore

Market value of cryptocurrency exceeds three trillion (approximately 2,22,26,385 crore)

The cryptocurrency market, which is still the highest in the history of the crypto world, crossed the 3 trillion mark (approximately Rs. 2,22,26,385 crore) Investors' overnight attention is believed to have fueled such an immediate rise in the value of cryptocurrencies. In a recent interview with French news agency AFP, SwissQuote analyst IPEC Ozkardeskaya told French news agency AFP that cryptocurrencies are slowly gaining ground in the traditional economic structure of the world market.

Last month, the world's most expensive cryptocurrency, Bitcoin, reached $ 66,000 (about Rs  48.89 million). As of Monday, Bitcoin's current value rose 5.5 percent to $ 66,339, hitting its previous record of nearly $ 67,000. Ethereum, the second-most valuable currency, also rose 3% to a new high of $ 4,768. The market value of the third and fourth largest crypto tokens, Binans and Solana, has also risen by more than 20 percent in the last seven days, according to Coin Gigco. The prices of all seven of the largest crypto tokens have risen sharply in the past week.

In the past, Bitcoin's futures-determining financial instrument, the Exchange Traded Fund (ETF), has appeared on the New York Stock Exchange (NYSE). This ETF has probably made Bitcoin more accessible to more investors. According to Ben Casolin, head of research and strategy at Crypto Exchange AAX, Bitcoin's current success is largely linked to ETF's debut in US trading.

However, it is unreasonable to judge a case based on short-term price fluctuations. Besides, the value of cryptocurrency is extremely volatile. Virtual Currency K has already seen a sharp rise and fall in market prices more than once. Nevertheless, Bitcoin and Ethers are expected to continue their upward trend in the market next week, analysts say.

Next week, Bitcoin will have a software update called Tap Route, which will increase both security and efficiency in transactions, and open the door to smart contracts, one of the key features of blockchain technology. On the other hand, Ethereum 2.0, a series of updates related to the Ethereum blockchain, has made the use of Ether more secure, scalable and robust. This technology is beneficial not only for the Etherium network, but for the entire crypto community.

Economic stagnation continues around the world in the aftermath of the Kovid epidemic. In this scenario, digital currency transactions can play a significant role not only in investment but also in controlling inflation, as some investors do.