The cryptocurrency market has an estimated value of $3 trillion.
According to CoinGecko pricing data, the market cap of all cryptocurrencies reached $3.01 trillion at 7:38 am in London. Binance Coin and Solana have gained more than 20% each in the past seven day; seven out of seven most valuable coins have seen increases over the week.
Bitcoin rose 5.5% to $66 039 on Monday, close to its previous record at $67 000. Ether gained as much as 3 percent to $4 768.
It is not surprising that crypto is volatile. Bitcoin was at its lowest point in history, falling back several thousand dollars. Since then, multiple corrections have been made to bring it down by as much as half. Some coins are even more volatile than Bitcoin — memecoins bounce back-and-forth at times — and scams or hacks happen with some frequency.
The cryptocurrency market has quadrupled since its 2020 year-end valuation. This is because investors are more comfortable using established tokens while networks like Ethereum or Solana continue upgrading and attracting new functionality. There is growing excitement over the potential of decentralised finance, non-fungible tokens, and memecoins like Shiba Inu or Dogecoin are attracting attention.
Bitcoin’s current rally was fueled by Elon Musk’s weekend Twitter poll and the US trading debut for a Bitcoin-linked Exchange Fund. “With Shiba and other memecoins experiencing a surge recently, and Facebook rebranding itself to Meta, interest continues to grow in altcoins.”