Ethereum Grew Tenfold Over The Last Year
November 4, 2021—Cryptocurrency assets grew by roughly 200 percent, from just under $800 billion to $2.3 trillion, according to Jon Cunliffe, Deputy Governor for Financial Stability of the Bank of England.
The rapid growth in the takeup of the asset is grabbing the attention of regulators around the world. “When something in the financial system is growing very fast, and growing in largely unregulated space, financial stability authorities have to sit up and take notice,” Cunliffe said, in an October speech. He added that regulators shouldn’t overreact. “We should not classify new approaches as ‘dangerous’ simply because they are different.”
Institutions Are ‘Just Getting Started’
Meanwhile, as the assets go mainstream, some of the holdings are rising. Bitcoin, for example, trades for $61,000. That’s up from $15,500 a year ago. Meanwhile, Ethereum is trading at $4,460, up tenfold from $453 a year ago.
What’s more, institutional investors are just beginning to take part.
“The play in cryptocurrency has been largely retail-driven or individual-driven,” said Cowen Inc. CEO Jeffrey Solomon. in an interview today with Yahoo Finance. “There have been a few institutions involved, but not very many. Our view at Cowen is the institutions are just getting started.”
For a guide to understanding what’s happening with cryptocurrencies, see a recent GER analysis.
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