Ether And Bitcoin Surge Towards Record Highs As Crypto Market Passes $3 Trillion – Forbes

Topline

The cryptocurrency market rushed past $3 trillion in combined value Monday morning as major tokens including bitcoin and ether pushed towards record highs, building on growing momentum and interest in meme coins and cryptocurrency-based products. 

Key Facts

Ether, the world’s second-largest digital coin by market capitalization, jumped over 4% Monday to reach a record-high $4,782, according to CoinGecko

Ether’s overall market cap is around $560 billion, roughly a fifth of the overall market cap of cryptocurrencies, according to CoinGecko, though the token’s value has dropped slightly (less than 1%) since the all-time high, trading at around $4,737 at the time of writing.

Bitcoin also gained Monday morning, climbing more than 6% to $66,095.

Bitcoin, which has a market cap of over $1.2 trillion, is nearing the record $67,276 it set on October 20.

Most major tokens—including XRP, Cardano’s ada and dogecoin, which rose around 7%, 2% and 8%, respectively—also jumped over the past 24 hours, according to CoinGecko, though some popular cryptocurrencies like Solana and Shiba Inu coin were down, around 3% each. 

Big Number

$3 trillion. That’s roughly how much the entire cryptocurrency market is worth, according to CoinGecko. The majority of this is made up of bitcoin and ether—around 40% and 20%, respectively—with the next highest token, Binance Coin, accounting for under 4% of total market cap.    

Key Background

The cryptocurrency market, which soared to new highs during the pandemic, crashed earlier this year in the wake of a regulatory crackdown in China and growing concerns over the environmental impact of bitcoin, in part brought about by billionaire Elon Musk. Bitcoin mining, the process through which bitcoin is awarded to computers solving complex problems, stopped almost overnight in China following the crackdown. The majority of miners have now moved to the U.S., data suggests, breaking China’s years-long stranglehold on the industry. The sector has been rallying in recent weeks—including bitcoin reaching a new all-time high—amid a fervor of interest in new products like the bitcoin futures exchange-traded fund and non-fungible tokens (NFTs).    

Surprising Fact

The price of ether has jumped around 989% over the past year.

Further Reading

U.S. Claims Top Spot For Bitcoin Mining As Miners Flee China Crackdown — Here Are The World’s Biggest Mining Hubs (Forbes)

Bitcoin Hits First Record High In More Than Six Months After Historic Fund Debut (Forbes)

source: Ether And Bitcoin Surge Towards Record Highs As Crypto Market Passes $3 Trillion – Forbes

Tags: #all time high #Bitcoin #crypto market #cryptocurrency #ether #Ethereum #record high

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