Milestone: the market value of cryptocurrencies exceeds $ 3 trillion | Crypto news

0
90

The overall market capitalization of cryptocurrencies reached $ 3.3 trillion on Monday, according to CoinGecko pricing.

By Bloomberg

The cryptocurrency market is now worth more than $ 3 trillion.

The digital asset market of just over a decade has already roughly quadrupled from its year-end 2020 value as investors have become more comfortable with established tokens like Bitcoin and networks like Ethereum and Solana continue. updating and attracting new functionalities. Enthusiasm for the possibilities of decentralized finance and non-fungible tokens is growing, and meme currencies like Dogecoin and Shiba Inu continue to attract attention.

“Bitcoin appears to be breaking out of a bullish flag pattern, and Ether is likely to confirm a long-term breakout at a close above resistance this Friday,” said Katie Stockton, founder and managing partner of Fairlead Strategies, in a note. .

At 9:54 a.m. in New York, the overall market capitalization of cryptocurrencies reached $ 3.3 trillion, according to CoinGecko pricing. The third and fourth largest tokens, Binance Coin and Solana, have added more than 20% in the last seven days; the seven largest coins rose in the last week.

Bitcoin rose as much as 5.6% on Monday to $ 66,414, approaching its previous record of around $ 67,000. Ether advanced as much as 3% to a new high of $ 4,768.

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

Of course, cryptocurrencies are notoriously volatile. The last time Bitcoin reached these levels, it fell back several thousand dollars and underwent multiple corrections that cut it in half or more. Other currencies are even more volatile (memescoins bounce wildly at times) and scams and hacks happen with some frequency.

Bitcoin’s current rally has been fueled by the US trade debut of a Bitcoin-linked ETF, as well as Elon Musk’s weekend Twitter poll, said Ben Caselin, head of research and strategy at the AAX encryption exchange. “With Shiba and other memecoins that have risen recently, and the rebrand from Facebook to Meta, interest in altcoins continues to rise.”

–With assistance from Emily Graffeo.

LEAVE A REPLY

Please enter your comment!
Please enter your name here