Crypto market update: Cryptocurrency market cap rises to monthly high
Bitcoin straddles $54,000, while Shiba Inu soars
The cryptocurrency market held its ground on Thursday afternoon, following Wednesday’s rapid upward momentum.
According to CoinMarketCap, the capitalisation of the total cryptocurrency market stood at $2.28trn (£1.68trn), having reached a month-long high of $2.315trn in early morning trading. A week ago, the metric had struggled to hold above the $1.9trn benchmark.
Bitcoin is said to be the key driver of the latest bullrun. The world’s first and largest cryptocurrency has risen by 26% in the past seven days, breaking $55,000 for the first time in five months on Wednesay after SEC Chair Gary Gensler said that the regulator has no plans of a China-style crypto crackdown.
Bitcoin & Ethereum
The crypto traded down by 1.8% at $54,126 following the latest high. Bitcoin’s market capitalisation remained stable above $1bn, while trading volume dipped 9.9% to $41.5bn.
Having risen to a three-week high of $3,621 on Wednesday afternoon, Ethereum traded flat at $3,577. The world’s second-largest cryptocurrency’s market capitalisation similarly treaded water at $421.4bn, while trading volume rose 2.5% to $20.2bn.
Among the other prominent cryptos Cardano, Polkadot and Shiba Inu enjoyed the largest gains, rising by 4%, 10% and 51%, respectively. The latter’s jump can be attributed to its recent inclusion on the Coinbase exchange. In the past 24 hours, the dog-inspired crypto’s market cap has risen by 50% to $13.4bn.
Across the wider digital asset sector, FOMO BABY enjoyed the largest 24-hour gain, rising by 5,422% to $0.00000006489. The three-day old deflationary rebasing token operating on the Binance Smart Chain, saw a 33% rise in trading volume to $1.2m and a 5,400% increase in market cap to $224m.
PolyDragon suffered the largest loss, falling 67.7% to $0.1113. The token for the DeFi/NFT project has slumped by 68.2% from the $0.3499 all-time high it reached on Wednesday, its first day of trading.
All prices correct as of 14:45 BST (UTC -1).