The cryptocurrency space has experienced massive growth since the beginning of the year. However, not many people expected growth in 2021.
Marcus Swanepoel, co-founder and CEO of crypto exchange platform Luno, has stated that the growth of the broader cryptocurrency market this year has surprised many, including industry participants.
This was announced by the CEO in a recent interview with the Daily Maverick, explaining that the growth was phenomenal:
“The industry has accelerated much faster this year than we expected. We knew it was coming, but not so fast, especially in certain subsectors like NFTs and some altcoins.“
However, the CEO believes that some of the sectors are currently at the top of the list, and the hype around them is likely to subside soon. The decentralized finance (DeFi) and non-fungible token (NFT) sectors are among the fastest growing sectors in the cryptocurrency industry.
The broader cryptocurrency market has seen massive growth since the beginning of the year, with total market capitalization hitting an all-time high of $3 trillion last month. Bitcoin and the other major cryptocurrencies such as Ether, Solana, XRP, Avalanche and some others have reached new all-time highs in recent months.
Since reaching the all-time high of $ 3 trillion, the total capitalization of the cryptocurrency market has decreased by almost $ 1 trillion. At the time of going to press, the total market capitalization for cryptocurrencies is about $ 2 trillion. The slump is due to the massive losses of some of the leading cryptocurrencies, including Bitcoin and Ether.
Bitcoin is struggling to reach the $45,000 mark, more than 30% below the all-time high of $69,000 recorded at the beginning of last month. Ether is also struggling at the moment and has been trading below the $4,000 level for the past two weeks.