Cryptocurrency has grown fourfold in 2021 and is now valued at upwards of $3 trillion, according to a Monday (Nov. 8) Bloomberg report.
The overall market cap of crypto reached $3.01 trillion, according to crypto price tracking website CoinGecko.
Bitcoin is integral in the market value of cryptocurrency. The crypto asset has a market cap, which surpassed $1 trillion and hit a record high price in October.
Cryptocurrency use in Africa is booming, according to PYMNTS, which last week reported that the continent is the third-fastest growing in the world for cryptocurrency adoption. Africa received more than $105.6 billion from July 2020 through the middle of 2021. In addition, Africa netted a 7% transaction volume of retail bitcoin payments, as compared to the rest of the world’s 5.5%.
Meanwhile, in El Salvador, bitcoin proceeds are being used to fund various public projects, including new schools and the nation’s first public veterinary hospital, according to PYMNTS. El Salvador, the first country in the world to acknowledge bitcoin as legal tender, recently purchased a total of 1,100 bitcoins. The most recent purchase of 420 bitcoins cost $25 million.
Binance Coin and Solana are among the top tokens, each marking an increase of more than 20% in the past week, according to Bloomberg.
Last week, Binance announced a collaborative effort with nonprofit organization France FinTech to launch a $115.4 initiative dubbed “Objective Moon,” which calls for the development of three main cryptocurrency and blockchain-related projects, according to PYMNTS.
Through the effort, a Research and Development hub will be established in France to help shape crypto and blockchain talent throughout Europe. Funds will also be used to create “Objective Moon Accelerator,” which aims to help create a Decentralized Ledger Technology in France and Europe.
In addition, a new online education program will be created to further blockchain and cryptocurrency education efforts in the country.