CRYPTOCURRENCY MARKET VALUE BLOWS PAST $3 TRILLION

Tue 09 November 2021:

The value of the cryptocurrency market has surpassed $3 trillion.

As investors have become more comfortable with established tokens like Bitcoin while networks like Ethereum and Solana continue to develop and attract new functionality, the market for digital assets has approximately doubled from its 2020 year-end value. The interest in non-fungible tokens and decentralized finance is expanding, and memecoins like Dogecoin and Shiba Inu continue to draw attention.

“Bitcoin appears to be pushing out of a bullish flag pattern, and Ether is likely to confirm a long-term breakout on a close above resistance this Friday,” said Katie Stockton, founder and managing partner of Fairlead Strategies, in a note.

According to CoinGecko prices, the overall market cap of cryptocurrencies was $3.3 trillion as of 9:54 a.m. in New York. Binance Coin and Solana, the third and fourth largest tokens, have gained more than 20% in the last seven days; all of the top seven coins have gained in the last week.

On Monday, bitcoin soared as much as 5.6 percent to $66,414, approaching its previous high of almost $67,000. Ether increased by as much as 3% to a record high of $4,768.

Miners Marathon Digital Holdings Inc. and Riot Blockchain Inc. each saw their stock rise more than 10% on Monday. A day before announcing third-quarter earnings, Coinbase Global Inc., the largest U.S. exchange, rose as much as 3.6 percent.

Cryptocurrency is, of course, notoriously volatile. Bitcoin lost several thousand dollars the previous time it hit these levels, and it’s had many corrections that have knocked it down by half or more. Other coins are much more volatile — memecoins, for example, fluctuate significantly at times – and scams and hacks are common.

According to Ben Caselin, head of research and strategy at crypto exchange AAX, Bitcoin’s current bounce has been spurred by the U.S. trading debut of a Bitcoin-linked ETF as well as Elon Musk’s weekend Twitter poll. “With Shiba and other memecoins having surged recently, and Facebook’s rebranding to Meta, interest in altcoins continues to rise.”

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