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Led by the recent rally of the world’s most popular cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), the crypto market just set a new milestone this week. The total crypto market capitalization almost quadrupled its 2020 year-end value and breached the $3 trillion dollar mark for the first time ever.
The total market cap of the world’s cryptocurrencies hit $3 trillion for the first time as of 4:15 a.m. New York on Monday, November 8, 2021, Bloomberg reported. The market reached the new milestone just as most digital currencies posted gains since last week.
In fact, all of the seven biggest cryptos have rallied over the last week. The biggest gainers among the batch are Binance Coin and Solana, which both rose more than 20 percent in the past seven days.
Since breaching the $3 trillion dollar mark on Monday, the total value of the crypto market continued to rise the next day. At the time of writing, the total market cap reached $3.073 trillion as of November 9, 2021 base on CoinGecko data.
This means that the market’s value has almost quadrupled compared to its value at the year-end of 2020. At its current level, the total value of the crypto market rose by 294 percent from its December 31, 2020 value of $779 billion.
As the market continued to soar, Bitcoin and Ether also set new all-time highs on November 9. Bitcoin set a new record when it traded $68,525.84. This is also the first time that BTC’s rose above $68,000.
Ether, the native crypto of the Ethereum blockchain, likewise continued its climb and even managed to set a new record. ETH set a new all-time high when the crypto traded at $4,839.92 on November 9, the same day Bitcoin set its new ATH.
“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,” Fairlead Strategies founder and managing partner Katie Stockton said in a note.
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