A new week of November starts with great news for the world of cryptocurrencies. Cryptocurrencies reached a market capitalization of $3 trillion, following a record-setting rally of nearly $100 billion. The cryptocurrency market has seen a growth of almost 300% so far in 2021.
Despite regulatory uncertainties and frequent corrections, the market capitalization of crypto assets has continued to grow over the past 10 months. On January 1, 2021, digital assets had a total market value of $ 750 billion.
This year we have seen a sharp increase in the retail and institutional adoption of digital assets. While Bitcoin and Ethereum remained dominant, other cryptocurrencies such as Solana (SOL) and Binance Coin (BNB) have risen steadily.
Additionally, currencies such as Dogecoin (DOGE) and Shiba Inu (SHIB) have become the top 10 crypto assets in the world. Both DOGE and SHIB have a market capitalization of more than $ 30 billion.
The “cryptocurrency market has reached a new milestone of more than $ 3 trillion in market capitalization for the first time, according to crypto analytics firm CoinGecko.
This level is the highest point since May this year, when markets rose above $ 2.6 trillion, and underscore the positive outlook for investors as institutional players enter the market through instruments such as futures ETFs. ”Said Simon Peters, a market analyst at eToro.
Other Cryptocurrency Assets
During the first 10 months of 2021, institutional clients focused on Bitcoin and Ethereum for large investments. However, the latest data from CoinShares indicates that Binance Coin, Cardano, Solana, Polkadot, and XRP have also attracted substantial investments in 2021. Multi-asset cryptocurrency investment products carry a total of $ 714 million in institutional investments this year.
“However, there have been lower changes in the ranking, with Solana being the one that stands out the most in terms of market capitalization.
SOL has now surpassed Cardano (ADA) as the fourth largest crypto asset in the world after a spectacular rise in recent months.
The crypto asset has risen 22% in the last week alone, although in terms of market capitalization it is still dwarfed by BTC and ETH at 2.5% of the market, ”Peters added.
BTC Surpasses $66,000 on the Price Chart
BTC is now targeting another all-time high of over $ 67,000. A movement of almost + 2% will take the digital asset to a record. While XRP is still far from its record price level of $ 3.50, the digital currency gained significant momentum in recent days.
In terms of weekly price gains, Bitcoin has risen 10% in the last seven days. During the same period, XRP soared by almost 20% and has added $ 10 billion to its market capitalization.
In the current time, miners average between 900 and 1,000 BTC per day. Despite this reduction in BTC-denominated revenue, miners' revenue in USD increased 550% from the 2020 halving, and is approaching an ATH of $ 62M + per day, ”Glassnode noted in his recent report.
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