The cryptocurrency space has experienced massive growth since the start of the year. However, not many people expected the level of growth recorded in 2021.
Marcus Swanepoel, co-founder and CEO of crypto exchange platform Luno, has stated that the growth experienced by the broader cryptocurrency market this year has surprised many, including industry participants.
The CEO made this known during a recent interview with the Daily Maverick, stating that the growth has been phenomenal. He said;
“The industry accelerated a lot faster this year than we anticipated. We knew it was coming, but just not that fast, particularly in certain subsectors like NFTs and some altcoins.”
However, the CEO believes that some of the sectors are at the top of their games at the moment, and the hype around them will likely cool off soon. The decentralised finance (DeFi) and the nonfungible token (NFT) sectors are some of the fastest-growing within the cryptocurrency industry.
The broader cryptocurrency market has experienced massive growth since the start of the year, with the total market cap reaching an all-time high of $3 trillion last month. Bitcoin and the other major cryptocurrencies like Ether, Solana, XRP, Avalanche and several others all touched new all-time highs over the past few months.
Since hitting the all-time high of $3 trillion, the total cryptocurrency market cap has dipped by nearly $1 trillion. At press time, the total cryptocurrency market cap is around the $2 trillion level. The dip is due to the massive losses recorded by some of the leading cryptocurrencies, including Bitcoin and Ether.
Bitcoin is struggling around the $45k level, down by more than 30% from the all-time high of $69k it recorded early last month. Ether is also struggling at the moment and has been trading below the $4k level for the past two weeks.