Crypto: What some say is behind crypto’s record rally to $3 trillion, as bitcoin hits new high


The total cryptocurrency market topped $3 trillion Monday, for the first time, according to data from CoinGecko. Market capitalization of the crypto market has gained more than 280% since the start of this year. 

That rally for crypto has been at least partly fueled by a run-up in Ethereum, which climbed to a record high Monday, trading near $4,800. Meanwhile, bitcoin gained about 5.9% over the past 24 hours, recently trading at $67,238, a new record high.

Read: A major crypto exchange’s CEO is set on holding Shiba Inu crypto long term despite its recent tumble. Here’s why

“This milestone has been fuelled by global interest, institutional customers, and the outstanding evolutions in blockchain technology,” Paolo Ardoino, chief technology officer at Bitfinex wrote in emailed remarks.

Sign up for MarketWatch’s new weekly crypto newsletter. Sign up for it here.

Analysts have attributed the surge of both bitcoin BTCUSD, +2.19% and ether ETHUSD, +0.46% to supply squeezes. 

More than 860,000 ether has left centralized crypto exchanges since Oct. 1, according to data analytics firm IntoTheBlock. Meanwhile, over 8 million ether has been locked in decentralized finance, or DeFi, IntoTheBlock wrote in its Telegram channel. 

Mikkel Mørch, executive director at crypto hedge fund ARK36 wrote in an email that “as Bitcoin exchange balance is at a 3 year low while long-term holder supply is at an all-time high, there are simply too few bitcoins available to keep up with the demand.”

For the past seven days, Binance Coin and Solana SOLUSD, +0.77%, the world’s third and fourth largest cryptocurrency, rose 21.6% and 19.9%, respectively. XRP XRPUSD, +1.06% rose 13.6% over the past seven days. Shiba Inu, a popular meme asset modeled after dogecoin DOGEUSD, +2.12%, dropped 23.6% over the past seven days. Avalanche, Terra and Chainlink LINKUSD, +1.31% rose 46%, 17% and 10% for the past seven days, respectively.

This article was originally published by Read the original article here.

Previous articleRobinhood says customer data was accessed in breach; stock falls
Next articleVirgin Galactic sells space-tourism seats faster than it anticipated


Please enter your comment!
Please enter your name here