The cryptocurrency market remained in the green on Thursday morning, briefly reaching a monthly high of $2.3 trillion, the highest since September 7th, exactly one month ago.
The total value of the crypto market is currently $2.28 trillion, representing a 4.57 percent increase over the previous day.
Furthermore, the overall crypto market volume increased by $144.33 billion in the last 24 hours, representing a 13.67 percent increase. Meanwhile, DeFi 24-hour volume accounts for 12.72 percent of total crypto market volume, while the combined volume of all stable currencies is $113.40 billion, or 78.5 percent.
The Bitcoin price
In comparison, as of Thursday morning, the price of Bitcoin (BTC) had stabilized below $55,000, extending Tuesday and Wednesday’s gains to a new high.
The flagship digital asset is currently trading at $54,119, up 5.35 percent in the last 24 hours and 25.98 percent in the last seven days.
Indeed, the cryptocurrency is roughly $11,000 away from reaching its all-time high, and if BTC continues to make similar gains over the next seven days as it did over the previous week, it may soon be trading near the all-time high price of $64,863 reached on April 14, 2021.
As BTC makes new advances, the total value locked (TVL) in the Bitcoin Lightning Network grows. Indeed, the network has grown over 1,000% in a year, reaching $165 million in locked BTC, with a total of 2,998 TVL as of October 7, 2021.
Furthermore, the second-largest cryptocurrency by market cap, Ethereum (ETH), is trading in the green; the DeFi network is trading at $3,577,84, up 5.56 percent in 24 hours and 21.02 percent in the last seven days.
On October 7, 2021, it was announced that Auto1 FT, a German financial partner in the automotive sector, is using Ethereum smart contracts to enable financing for car purchases for the first time in Europe.
By eliminating all paperwork, the company hopes to simplify its core business of vehicle finance. In addition to lowering costs and errors, Auto1 FT will use blockchain technology because it is impenetrable and transparent, as well as smart contracts throughout the financing process.
The global economy
Meanwhile, Bitcoin is proving to be resilient in the face of traditional market volatility and impending regulatory scrutiny, as the global economic situation remains uncertain, with rising interest rates and increasingly fragmented financial markets.
Finally, the epidemic has raised awareness of the potential of digital assets to combat social inequity, as the value of Bitcoin and other cryptocurrencies is intuitive to millennials and younger generations, and recent outages on Instagram and Facebook have demonstrated how dependent the world is on centralized services.