London: The ever-growing cryptocurrency market has crossed the $3 trillion mark.
According to CoinGecko pricing, overall market cap of cryptocurrencies hit $3.01 trillion on Monday after all seven biggest coins appreciated over the past week. Of them, Binance Coin and Solana added more than 20 per cent in last seven days.
Bitcoin rose 5.5 per cent on Monday to $66,339, which is close to its previous highest mark of $67,000. Ether, on the other hand, gained 3 per cent to a new high of $4,768.
There was an initial hesitancy to accept cryptocurrency, but that doubt seems to be clearing among a rapidly increasing number of investors across the world.
The crypto market is extremely volatile, but it has grown almost four times compared to its 2020 year-end value.
As the possibility of decentralized finance is increasing, memecoins like Dogecoin and Shiba Inu are attracting attention of investors.
According to crypto exchange AAX’s research and strategy head Ben Caselin, Bitcoin’s latest rally has been fuelled by the US trading debut of a Bitcoin-linked ETF and Elon Musk’s weekend Twitter poll.
“With Shiba and other memecoins having surged recently, and Facebook’s rebranding to Meta, interest in altcoins continues to rise,” he said.
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