The cryptocurrency market is now worth more than $3 trillion

Crypto companies such as miners Marathon Digital Holdings Inc. and Riot Blockchain Inc. each rallied more than 10 per cent Monday. Coinbase Global Inc., the largest U.S. exchange, gained as much as 3.6 per cent, a day before reporting third-quarter results.

Of course, crypto is notoriously volatile. The last time Bitcoin reached these levels, it fell back several thousand dollars, and it’s undergone multiple corrections that take it down by half or more. Other coins are even more volatile — the memecoins bounce back and forth wildly at times — and scams and hacks occur with some frequency.

Bitcoin’s current rally has been fuelLed by the U.S. trading debut of a Bitcoin-linked ETF as well as Elon Musk’s weekend Twitter poll, said Ben Caselin, head of research and strategy at crypto exchange AAX. “With Shiba and other memecoins having surged recently, and Facebook’s rebranding to Meta, interest in altcoins continues to rise.”

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And it’s going to keep growing as more people realize they can actually have their money earn interest above inflation levels, unlike the banks that pay nothing.

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