Bitcoin’s price has increased by 11.6 percent in the last seven days, while Ethereum’s price has increased by 11.2 percent. Binance Coin, Solana, Cardano, XRP, Polkadot, and Dogecoin all had gains of 17.6%, 21.4 percent, 17.2%, 15.7 percent, 5.7 percent, and 3.6 percent, respectively.
Almost six weeks after the entire market value of all cryptocurrencies in the world reached $2 trillion, the market cap has risen by another trillion dollars. According to CoinGecko data, the total mcap of the crypto market surpassed $3 trillion on Monday and soared to $3.09 on Tuesday morning. The market capitalization peaked at $2 trillion on April 6 of this year, before plummeting by thousands of dollars to roughly $1.2 trillion. In mid-August, it had surged back to $2 trillion. After repeated corrections, the crypto market fell twice below the $2 trillion mark in September. However, the mcap has been rising since October 1, thanks to rising crypto values such as Bitcoin, Ethereum, Binance Coin, and Solana, as well as growing interest in meme coins like Dogecoin, Shiba Inu, and others. However, the mcap has been rising since October 1, thanks to rising crypto values such as Bitcoin, Ethereum, Binance Coin, and Solana, as well as growing interest in meme coins like Dogecoin, Shiba Inu, and others.
Apart from the coin rise, one of the causes contributing to the increase in total mcap is the US SEC’s recent approval of the first Bitcoin Futures ETF. Furthermore, users’ attention has been drawn to the rising use cases of non-fungible tokens and decentralised finance. As investors continue to back digital currencies, widespread usage of crypto has surged in recent months. According to CoinShares, digital asset investment products received $174 million in inflows last week, marking the 12th week of inflows. Year-to-date inflows into digital assets have reached $8.9 billion, up from $6.7 billion in 2020.