The crypto market surpassed $3 trillion after Bitcoin, Ether and other crypto coins saw a record surge in valuation. This resulted in a harmonious momentum in the market of crypto products.
Bitcoin, the most recognized face of cryptocurrency also saw a sudden rise in the cost valuation, and a surge in price was seen by almost 6%. The per coin valuation went to $66,095. Bitcoin has a market cap of valuation above $1.2 trillion.
The second most recognized crypto coin Ether saw a record surge of 4% when the price rose to $4782. The overall market cap also surged to almost $560 billion making it a fifth of the total market of cryptocurrencies.
Other known faces of cryptocurrency like Cardano’s Ada, XRP, and Dogecoin also saw a jump in their valuation in the past 24 hours. Only Shiba Inu and Solana coins were the ones where a downfall in valuation was observed.
According to CoinGecko, the cryptocurrency is worth $3 trillion at the moment after the surge in the prices of different cryptocurrencies. The majority of it is because of Bitcoin and Ether. Both these currencies make up to 40% and 20% of the entire market respectively.
This sudden surge in cryptocurrency prices determines that the market remains volatile as it is famous. The market rose to new soaring heights during the pandemic days when the prices were influenced by tweets of different influential personalities such as Elon Musk but it crashed badly in the early months of 2021. The reason for the crash was the crackdown on cryptocurrencies by the government of China.
The market suffered after the crackdown of China and a dent was seen in Bitcoin mining across the globe.
Following the crackdown by the government of China, many miners shifted to America which broke the stranglehold of China over the industry for the longest period of time.
This sudden surge in the valuation of cryptocurrencies is because of the new products such as non-fungible tokens (NFTs) and Bitcoin futures exchange-traded funds.