Crypto market update: Total market cap jumps 4%

Bitcoin and Ethereum rise by 4.9% and 6%, respectively

The capitalisation of the total cryptocurrency market stood 4% higher on Wednesday 16 March, rising from $1.71trn to $1.78trn (£1.30trn to £1.36trn). However, this was still down compared with the total market cap at the start 2022 of $2.21trn. 

Bitcoin traded up by 4.9% at $40,512. The world’s first and largest cryptocurrency has risen by 15% from the eight-month low that it sank to in late January. However, it still trades 15% below the level at which it began 2022. 

BTC’s market capitalisation stood 4.9% higher at $768bn, about $30bn less than a week earlier. 

Ethereum rose by 6% to $2,684. The second-largest cryptocurrency has fallen by 28.8% since the start of the year – but it is trading 11% above the eight-month low it dropped to in January.

The market capitalisation of ETH also rose by 6% in the past 24 hours to $321bn, having started 2022 at $444bn. 

Among the other prominent cryptocurrencies, chainlink and uniswap enjoyed some of the largest gains, rising by 8.4% and 7.2%, respectively. 

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Largest crypto gainer

Across the wider cryptoasset space, covid cutter experienced the largest 24-hour gain, rising by 680% to $0.0002906. 

The cryptocurrency – described by CoinMarketCap as the “first ever themed play-2-earn, Web3 and blockchain-enabled game project” – has risen by 2,357% in the past two days, but it still stands 99.9% below the $0.3302 all-time high it enjoyed last week on Wednesday 9 March. 

Largest crypto loser

Panda inu suffered the largest loss, plunging by 99.6% in 24 hours to $0.00002904. Trading volume for the Panda Inu ecosystem’s token jumped by 12,348% in the same period as traders rushed to liquidate their holdings. 

The token has fallen by 99.98% since the $0.09991 all-time high that it reached on 16 November 2021.

All prices are correct as of 10:30 GMT.

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