Crypto market update: ethereum hits record high

Bitcoin falls 2% below $62,000

Cryptocurrency graphic                                 
Bitcoin has fallen below $62,000 - Photo:Shutterstock

The capitalisation of the total cryptocurrency market surpassed the combined value of the world’s top dozen banks on Wednesday afternoon, before dropping by $60bn (£44.2bn). 

Ethereum and solana’s rise to record highs provided the momentum that sent the total crypto market capitalisation to its new all-time high of $2.77trn, according to CoinMarketCap

By 1:30pm (GMT), the total cryptocurrency market cap stood at $2.73trn. 

By comparison, the $509bn valuation of the world’s largest bank outside China, JPMorgan Chase, is $30bn less than Ethereum’s $536.8bn market capitalisation and less than half of bitcoin’s $1.16trn market cap. 

Leading crypto prices

Bitcoin, the first and largest cryptocurrency, traded down 1.8% at $61,632, 5% below the all-time high it reached a fortnight ago. 

Ethereum traded at $4,523, 3% below the $4,664.91 all-time high enjoyed 19 hours before. 

Among the other prominent cryptocurrencies, polkadot, avalanche and solana enjoyed the largest gains, rising by 8.8%, 9.5% and 6.6%, respectively. 

After reaching an all-time high of $247.62, solana slipped to $242.34. Seen as a strong competitor to ethereum, the cryptocurrency’s market capitalisation stood at $72.07bn. 

Biggest gainer

Across the wider digital asset space, chihuahua enjoyed the largest one-day gain, rising by $0.00000002218. The dog-inspired cryptocurrency aimed at helping animals around the world had reached an all-time high of $0.00000005062 only three hours earlier before slumping by 67%. 

Biggest Loser

CZFarm suffered the largest slump, falling by 94.7% to $0.000007834. The CZodiac farming token supporting DeFI DApps has sunk by 98.3% from the all-time high it reached in mid-October.

Further reading: Exodus of lower-paid workers cashing in on crypto profits

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