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Industry accelerated much faster than expected in 2021, according to Luno CEO

 


The cryptocurrency space has seen massive growth since the beginning of the year. However, not many people were expecting growth in 2021.

Marcus Swanepoel, co-founder, and CEO of the cryptocurrency exchange platform Luno stated that the growth of the broader cryptocurrency market this year has surprised many, including industry participants.

The CEO recently announced this in an interview with the Daily Maverick, stating that the growth is phenomenal:

“The industry accelerated much faster this year than we expected. We knew it was coming, but not as quickly, especially in certain subsectors like NFTs and some altcoins. "

However, the CEO believes some of the sectors are high on the list right now and the hype surrounding them is likely to subside soon. The decentralized finance (DeFi) and non-fungible tokens (NFT) sectors are among the fastest-growing sectors in the cryptocurrency industry.

The broader cryptocurrency market has seen massive growth since the beginning of the year, with the total market cap reaching an all-time high of $ 3 trillion last month. Bitcoin and the other major cryptocurrencies like Ether, Solana, XRP, Avalanche, and a few others have hit new all-time highs in the past few months.

Since hitting the all-time high of $ 3 trillion, the total capitalization of the cryptocurrency market has fallen by nearly $ 1 trillion. At press time, the total market cap for cryptocurrencies is approximately $ 2 trillion. The slump is due to the massive losses of some of the leading cryptocurrencies, including Bitcoin and Ether.

Bitcoin is battling for the $ 45,000 mark, more than 30% below the all-time high of $ 69,000 recorded earlier last month. Ether is also struggling right now, trading below the $ 4,000 level for the past two weeks.

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