After a rocky September and the crypto price crash wiping out hundreds of billions of dollars from the entire market, digital currencies quickly bounced back, driving the global crypto market cap to new record highs.
After a rocky September and the crypto price crash wiping out hundreds of billions of dollars from the entire market, digital currencies quickly bounced back, driving the global crypto market cap to new record highs.
According to data from MejoresApuestas.com, the global crypto market cap soared by 255 per cent YTD to USD2.75 trillion last week, or nearly USD230 billion more than the previous record in May.
As the world’s largest and most expensive digital currency, bitcoin accounts for 42 per cent of the global crypto market cap. The CoinMarketCap data show the combined value of all BTC coins more than doubled since January, despite two massive price crashes in May and September.
In the three weeks of October only, bitcoin’s price jumped from USD55,300 to an all-time high of USD66.800 and then slipped to USD61,700 at the end of last week, helping its market cap reach USD1.17 trillion.
However, the latest boost in the crypto market has been equally driven by impressive Ethereum growth. In January, the combined value of all ETH coins amounted to USD83.4 billion. This figure soared to USD498 billion in May and then halved in the next two months after the crypto price crash.
However, ethereum quickly bounced back, with its market cap jumping to USD461.7 billion on 7 September. After a few rocky weeks and another crypto price drop, following a ban on cryptocurrency transactions and mining from China’s central bank, Ethereum’s price continued growing, driving its market cap to USD538.6 billion last week, a massive 545 per cent increase YTD.
Besides Bitcoin’s and Ethereum’s price rally, which fuelled the global crypto market growth, some other cryptos also witnessed impressive growth since January.
The CoinMarketCap data showed Solana was the fastest growing digital coin in the crypto space this year. Since January, the market cap of the cryptocurrency soared from USD75 million to USD76.2 billion, which is 186 times the growth rate of ethereum or 875 times more than the growth of Bitcoin in this period. In the last month only, the price of the ethereum competitor jumped by 55 per cent, ranking it as the fourth-largest crypto coin by market cap.
Dogecoin follows solana when it comes to market cap increase in 2021. Since the beginning of the year, the combined value of all DOGE coins has surged by 5,428 per cent and hit USD34.5 billion last week.
2021 has also been a fantastic year for binance coin, which became the world`s third largest crypto by market cap. Statistics show the combined value of all BNB coins soared by 1,826 per cent YTD to USD104.2 billion.
Besides these three cryptos, Cardano was the only digital coin witnessing a four-digit growth this year. Statistics show the combined value of all ADA coins jumped by an impressive 1,098 per cent YTD to USD66.4 billion, ranking it the sixth-largest crypto globally.
