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The total market value of all cryptocurrencies has reached $ 2.5 trillion. Tokens have hit record levels, and some of them, Ethereum for instance, has shown gigantic leaps. But this unprecedented scenario is alarming for many analysts as they believe it could deal destructive effects on the market.
In fact, the ongoing crypto rally may even give birth to an entirely new asset class.
But traders should remember that cryptocurrencies are prone to manipulation, and Dogecoin is a prime example of this. DOGE, which started as a joke in 2013, now has a market value of approximately $ 65 billion, thanks to Tesla CEO Elon Musk.
Musk has recently been talking about the cryptocurrency, pushing its value up in the market. His latest statement is an inquiry of whether Tesla should accept DOGE as a means of payment.
Meanwhile, leading cryptocurrencies Bitcoin and Ether also have a lot of upside potential. Analysts are even likening BTC to gold, although the issue is still controversial. Bitcoin's market value is expected to reach parity with gold in just five years.
Meanwhile, Ethereum, which takes second place, climbed to a new all-time high - $ 4,300. It grew by more than 2000% over the past year, pushing its market value to $ 500 billion.
These tremendous jumps are very enticing, but traders should remember that cryptocurrencies are speculative in nature, so they have to be cautious when investing.
SoftBank CEO Masayoshi Son even stated that Bitcoin is unlikely to soar very high, and when asked about the growing number of crypto investments from companies such as Tesla, he answered: "There are a lot of talks on whether those are good or bad. To be honest, I do not know."
Recently, many companies have placed investments on cryptocurrencies. Some even started to accept them as forms of payment. And today, a fairly large influx of Bitcoin has been recorded on Bitfinex. According to CryptoQuant, Bitfinex received two large batches - 8,000 BTC and 10,400 BTC.
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