Crypto market update: Cryptocurrency market cap continues to tick upwards

Bitcoin is up 9% since the start of the week

The main cryptocurrencies generally traded up on Thursday, continuing the trend of steady gains witnessed so far this week. 

Having briefly dipped to $1.97trn on Monday, the capitalisation of the total cryptocurrency market stood almost $200bn higher three days later at $2.18trn (£1.58trn). 

Bitcoin and other leading cryptos

Bitcoin continued to dominate the burgeoning sector, accounting for 41.3% of the total market, followed by Ethereum and Cardano with their shares rising by 19.4% and 3.6%, respectively.

In late-morning trading, bitcoin traded flat at $47,943, up 9% since Monday. The market capitalisation of the world’s first and largest cryptocurrency was 1.5% higher at $903.1bn in the past 24 hours, when its trading volume stood 4% lower at $31.6bn. 

Ethereum’s market capitalisation stood 6.3% higher at $424.3bn, while its trading volume witnessed a 12.8% jump to $19.6bn. The cryptocurrency traded 1.6% higher, up by 12.6% in the past three days. 

Of the other leading cryptocurrencies, Litecoin and and Chainlink enjoyed the largest gains, rising by 4.5% and 3.5%, respectively. 

Biggest gainers

Gaming tokens continued to enjoy strong gains on Thursday. Gala (GALA), the token designed to power the Gala Games ecosystem, jumped by 119% to $0.09837, a new all-time high.

Bitcoin Monster (XMON) was the second-biggest gainer, jumping 316.79% to $5,413.92. 

Xenon Pay (X2P), a decentralised deflationary high-yield token, enjoyed a 4.7bn% increase. Having only launched on Pancakeswap Finance on 13 September, it jumped to $0.1106 with a market capitalisation of $17.57m.

Biggest loser

Arctic Finance (AURORA) suffered the largest decline, falling by 66.5% to $34.71. The yield farm token on the Avalance C-Chain has now slumped by 81% from the $191.76 all-time high it reached early on Wednesday.

Further reading: UK inflation hits highest level since March 2012

Further reading: US consumer prices rose less than expected in August

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