- The combined total of the cryptocurrency market has been valued at US$3 trillion, for the first time ever
- But the soaring value is offset by the number of risky, highly-volatile crypto assets that are prevalent in the market right now
- New fad-based coins have sprouted up and disappeared just as quickly — sometimes leaving inexperienced traders in the lurch and holding a valueless bag
The combined value of all cryptocurrencies surpassed US$3 trillion for the first time this week, as more mainstream investors rush into the crypto market and prop it up, supported ably by digital asset maximalists who believe blockchain-based digital currencies are the future.
But as the combined crypto market valuation soars to heretofore unheard-of heights, the space has also grown somewhat riskier with the meteoric climb of various crypto assets that don’t appear to be backed by anything substantial at all — leading many to question if volatile crypto trading will ever truly settle into a stable routine.
While bitcoin is leading the way — surging today to a record-high US$68,513 as the world’s most popular virtual unit rides a wave of feverish speculative demand — investors buying up newer cryptocurrencies are falling unwitting prey to scams. “Any team can develop an app and issue a coin,” noted Martha Reyes, head of research at cryptocurrency trading platform Bequant.
One such dodgy digital currency is inspired by…