Crypto Market exceeds $1 trillion again

Cryptocurrency
Cryptocurrency

With Bitcoin and Ethereum both soaring over 20% this past week, the cumulative value of all digital assets has once again reclaimed the key level of $1 trillion.

This is the first time the wider crypto market has been valued this high since the beginning of November when the sudden collapse of FTX sent prices spiraling.

Peaking at $1.15 trillion on Sunday night, the total market capitalization is currently valued at $1.01, according to data from CoinGecko.

The key driver behind the latest upward trend is primarily the price of Bitcoin (BTC) which hit a two-month high of $21,446 late on Sunday night before retracting to $20,873 by press time.

The largest cryptocurrency by market capitalization has posted a modest 0.5% increase in the past 24 hours, and a hefty 22.3% surge over the week.

Ethereum, the second-largest cryptocurrency by market cap, has followed a similar pattern, posting a 20.7% increase over the week. It is currently changing hands at $1,548, per CoinGecko.

While several other major cryptocurrencies are boasting double-digit weekly gains as well, including Avalanche (+38.9%), NEAR (+34.4%), Aave (+33.3%), and Polkadot (+21.8%), one of the biggest winners so far has been Solana (SOL), which saw a dramatic rise of over 64% over the span.

See also  New industries to operate tax-free for 3 years

With a market cap of over $400 billion, Bitcoin currently dominates an almost 40% share of the entire market, followed by Ethereum (ETH) with 18.3%.

Share this story

Be the first to comment

Leave a Reply

Your email address will not be published.


*