Crypto update: Bitcoin below $61,000 after five-month high

Total cryptocurrency market capitalisation dips under $2.5trn

By 13:00 BST (UTC +1), the total capitalisation of the cryptocurrency market stood 1.6% lower than 24 hours earlier, at $2.44trn (£1.78trn), according to CoinMarketCap

Over the weekend, the metric came within touching distance of the $2.54trn all-time high it reached in May, topping $2.51trn. 

Bitcoin traded essentially flat at $60,944, having risen to a five-month high of $62,626 on Friday evening. 

The world’s first and largest cryptocurrency has more than doubled in value over the past three months. This comes as a result of growing institutional interest in the wider space and the shock of China’s crypto crackdown receding. The latest momentum, however, can be mostly attributed to the growing likelihood of US regulators approving a Bitcoin exchange-traded fund (ETF). 

Bitcoin’s market capitalisation stood at $1.15trn, while trading volume stood 21.6% higher at $35.2bn. 

Other leading cryptos

Ethereum traded 2.7% lower at $3,745, having briefly tested the $4,000 benchmark over the weekend. The world’s second-largest cryptocurrency’s market cap stood 2.5% lower at $442.6bn, while trading volume stood 20% higher at $17.2bn. 

With a market cap of $80.8bn, Binance Coin remained in third place, followed by Cardano with a capitalisation of $70.1bn. 

Among the other prominent cryptocurrencies, Dogecoin and Shiba Inu enjoyed the largest gains, rising by 8% and 8.5%, respectively. 

Biggest gainer

Across the wider digital asset space, Wolf Safe Poor People (WSPP) enjoyed the largest gains, rising by 1,692,104% to $0.000004476. The project on the Binance smart chain is aimed at helping the poor through decentralised apps (DApps). 

Despite its substantial daily gain, WSPP still trades 98.8% below the $0.0003786 it reached in July 2021. 

Largest loser

Aeron suffered the largest loss, falling 79.4% to $0.00009985, more than 99% below the $9.76 all-time high it reached in January 2018.

Further reading: Asian markets weighed down by disappointing Chinese GDP

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