The total cryptocurrency market cap just hit a new all-time high of $4.13 trillion, breaking past its previous peak of $3.9 trillion. According to CoinGecko data, the new record comes on the back of a 1.8% rise in total market value in the last 24 hours, with trading volume for the period hitting nearly $145 billion.
The total cryptocurrency market cap just hit a new all-time high of $4.13 trillion, breaking past its previous peak of $3.9 trillion. According to CoinGecko data, the new record comes on the back of a 1.8% rise in total market value in the last 24 hours, with trading volume for the period hitting nearly $145 billion.
But what’s driving the market?
Bitcoin (BTC) continues to lead the market, holding a capitalization of around $2.43 trillion. At press time, BTC was trading at $121,762, up 2.9% over the past 24 hours with a daily volume of $45 billion.
Ethereum (ETH), the second-largest cryptocurrency, was valued at $4,291.47, marking a 1.5% increase over the past week. The asset held a market capitalization of $518.5 billion, with its daily trading volume standing at $28.4 billion.
XRP held the third spot in market size, trading at $3.26 with a $193.3 billion market cap. The asset saw minimal hourly changes but closed the past 24 hours with a 0.1% gain on daily trading activity of $4.9 billion.
Over the past week, the steady upward movement from Bitcoin and Ethereum was the main driver of the market’s new record valuation, with a strong breakout from XRP also adding to the gains.
Several smaller-cap cryptocurrencies also posted massive gains in the last 24 hours. Zora (ZORA) rose 49.7% to $0.1355, while Pudgy Penguins (PENGU) climbed over 4.5% to $0.04081. The day’s strongest performer was Polyhedra Network (ZKJ), which was up 74.3% to $0.2997, followed by The Spirit of Gambling (ROUL) with a 67.2% rise to $0.06932.
The combination of a new record high for the total market cap and strong gains in select smaller tokens points to a period of heightened and broad-based market activity.
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