On Monday, the combined cryptocurrency market capitalization surpassed $3 trillion for the first time, thanks to strong gains by a number of top altcoins.
The market cap of all assets increased by 4.1 percent over the last day, peaking at $3.019 trillion, according to crypto analytics platform CoinGecko, which currently tracks over 10,000 coins across 517 trading platforms.
Since January 1, 2020, total cryptocurrency market capitalization has been calculated. CoinGecko is the source.
Dogecoin (DOGE) is among those leading the charge, having reached a local high of $0.292 on Monday before falling back to $0.283 at the time of writing. This is still a 7% increase from the previous day, making the meme coin the best performing asset among the top ten cryptocurrencies.
Dogecoin had an extremely volatile few weeks, and was even flipped on several occasions by Shiba Inu, another dog-inspired meme coin that rose to prominence over the last year.
It has, however, reclaimed ninth place in the rankings following SHIB’s massive sell-off last week, with a current market cap of $37.45 billion.
Ethereum reaches a new high.
Ethereum (ETH) has also gained popularity.
The market’s second-largest asset set a new high of $4,782 earlier on Monday before falling to $4,736 by press time.
With $563.4 billion in market capitalization, Ethereum, which is up 2.5 percent today and 987 percent since the beginning of the year, now accounts for as much as 18.7 percent of the total crypto market capitalization.
Bitcoin (BTC) is also on the rise, with a 5.9 percent increase in the last day, according to CoinGecko.
For the majority of the last week, the world’s oldest cryptocurrency traded between $61,000 and $63,000 before reaching a local high of $66,362 on Monday.
Bitcoin is just 1.7 percent away from its all-time high of $67,276 set on October 20, up 22.2 percent in the last month and 345.5 percent since the beginning of the year. With a network value of more than 1.246 trillion dollars, the leading cryptocurrency currently controls up to 41.5 percent of the entire market.
Whether by coincidence or not, today’s price action occurred shortly after Barry Silbert, CEO of Digital Currency Group (DCG), tweeted that he anticipates “a big week” for crypto, with his post receiving over 16,000 likes and over 1,900 retweets by press time.
Going to be a big week
— Barry Silbert (@BarrySilbert) November 7, 2021
DCG, the parent company of Grayscale Investments and Genesis Trading, is one of a dozen companies vying for approval to launch an exchange-traded fund (ETF) backed by actual Bitcoin rather than Bitcoin futures contracts.
DCG also announced a massive $700 million investment last week from the likes of Softbank and Google’s parent company Alphabet Inc., bringing the company’s valuation to $10 billion.