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Highlights
- Bitcoin’s rally ensured that the total market cap of the cryptocurrency market grew to US $2.40 trillion, overtaking Apple, which stands at US$2.33 trillion.
- The world’s most valuable cryptocurrency on 14 October achieved its five-month high and was trading at US $57,798.97.
A massive rally was seen in the cryptocurrency market when Bitcoin and other altcoins surged and overtook the world’s most valuable company Apple in terms of market capitalisation. Bitcoin’s rally ensured that the total market cap of the cryptocurrency market grew to US $2.40 trillion, overtaking Apple, which enjoys a market cap US $2.33 trillion.
Due to the rallies of cryptocurrencies, the overall market cap increased by 5.57%, with the total crypto market volume over the last 24 hours reaching US $109.76 billion, which is a 0.58% increase.
Bitcoin rally sees crypto market overtake Apple, Amazon
The crypto market has been seen a resurgence since the Bitcoin prices started rising since the beginning of October. On 14 October, the world’s most valuable cryptocurrency achieved its five-month high and had achieved US $58,540 on Thursday morning, ushering hopes of achieving its all-time high of US $64,000, which it had touched in May.
Also read: Bitcoin’s mystery whale keeps everyone guessing: What we know so far
At the time of writing (BST 1:25 pm) was trading at US $58,540 with a 24-hour trading volume of US $41,719,289,527. Bitcoin was up by 5.01% with a live market cap of US $1,089,132,608,258. Other cryptocurrencies such as Ethereum, Cardano, Dogecoin, Polkadot too registered substantial gains as was up by 7.77%, 3.27%, 6.15% and 18.61%, respectively, in the last 24-hour period.
The Musk Effect
Tesla CEO Elon Musk once again had a major impact on the market. The Tesla CEO tweeted in support of Dogecoin on 14 October.
Billy Markus, one of the co-creators of Dogecoin, had tweeted that the dogecoin miners who keep the network secure in return for the freshly minted coin but do not update their software are “satan”. In reply, Musk shared a 100 emoji and a laughing emoji, showing his response.