On December 20, bitcoin was selling at $46,578 per unit, with a market worth of $881 billion.
3.36 times Pakistan’s GDP, 2.72 times Bangladesh, and 10 times Sri Lanka’s. Bitcoin is still the costliest cryptocurrency ever created, with a starting price of $1 in 2009. In 2009, $100 invested in Bitcoin would have resulted in a profit of $4.67 million.
The 24-hour open crypto market contains around 15,700 coins and a $2.37 trillion market cap due to non-linear compounding. This category includes cents and fractions of cents.
On the other hand, other coins having a total market cap of $1.45 trillion are Bitcoin Cash (Cash), Monero, Ethereum Classic, Dogecoin Classic, and Helium (Helium). Furthermore, Indian crypto exchanges, according to Crebaco, offer 500 currencies. In fact, Unocoin, a cryptocurrency exchange situated in Bengaluru, became the country’s first crypto exchange in 2013.
As of March 2020, Indians have invested a total of $1 billion in cryptos, according to Crebaco. By the end of the year, that figure had grown too close to $8 billion (60,000 crore). According to advertising in a popular pink daily, tens of millions of Indians have invested $80 billion in crypto.
Yet, digital assets’ returns have proven to be more than just inflation beaters despite their vastness. Bitcoin has returned 60.40 percent this year, beating out real estate and gold.
According to Morgan Stanley, gold’s market capitalization has usually hovered between 5 and 15% of global GDP after economic crises. According to the study, Bitcoin’s market cap may reach $6 trillion by 2025 if it captures half of the demand for gold as a store of wealth.
There is good justification for this, as well. The price of Bitcoin has risen above the price of gold during this time of inflation. Bitcoin and other digital currencies are considered inflation hedges by deVere Group CEO Nigel Green.
Retail investors were once in a frenzy, but the stodgy boys of finance have taken over. Grayscale held $50.99 billion, CoinShares $5.88 billion, and 3iQ of Canada $2.65 billion.