According to data collected by Finbold, the three main cryptocurrencies by market capitalization account for 68.73% of the total cryptocurrency market, which according to CoinGecko on the evening of October 21, 2021 was $2,697,984,395,050 ($2.69 trillion). Interestingly, only 0.02% of the 12917 coins account for almost 70% of the entire cryptocurrency market.
It is worth noting that bitcoin now occupies the largest share of the crypto market at 44.3%, the share of Ethereum, which occupies the second place, reached 18.1%, while Binance Coin (BNB) took third place with 3.2%. Cardano (ADA) and Tether (USDT) round out the top five cryptocurrencies with 2.76% and 2.72% of the total capitalization of cryptocurrencies.
It is noteworthy that the combination of growing concerns about inflation around the world and the recent launch of bitcoin futures ETF trading on the stock market has contributed to the rise in the price of bitcoin.
On Friday, October 15, 2021, the flagship asset exceeded the $60,000 mark for the first time since April, as investors prepared for the introduction of bitcoin futures ETFs and actively discussed this topic before the official announcement of the Securities and Exchange Commission (SEC).
In fact, ProShares launched an ETF under the ticker BITO on Tuesday, October 19, and when the BTC price approached a new high, the first ever ETF backed by bitcoin futures attracted $570 million on the first day of trading.
Summing up, we can say that the cryptocurrency market expects further growth. The approval of spot ETFs, combined with the regulatory framework, will give the industry even more momentum in the future.
It should also take into account the desire of Grayscale's Bitcoin trust to turn its fund into a spot ETF, which will allow an additional number of investors to gain access to the main cryptocurrency.