Crypto market holds fort after riding into US$2tr cap as Bitcoin leads

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 Crypto market holds fort after riding into US$2tr cap as Bitcoin leads
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Highlights

  • Bitcoin expects to produce 97 percent of its coins by the end of this decade and the remaining 3 percent by 2040, according to experts.
  • Dogecoin jumped 10.19 percent in the last 24 hours and 32.99 percent in the last seven days, according to Coinmarketcap.com.
  • A total of 286 million Solana coins are currently in circulation. Its market cap is US$19 billion.

In April 2021, the global cryptocurrency market hit the US$2 trillion mark for the first time before pulling back in the subsequent period. But it retook the US$2 trillion market crown on August 11 at 10.45 am ET as Bitcoin prices surged, which continue to hold nearly half of the global crypto market value. The world’s largest cryptocurrency continues to see strong momentum over the past six days. Other smaller coins like Dogecoin, Solana, and PolkaDot also saw solid gains over the past week.

Here we discuss the performance of some of the most active cryptocurrencies in the market.

Bitcoin                                       

Prices of the oldest cryptocurrency continue to rise. Its prices were up 1.10 percent to US$46,431.60 at 12. 57 pm ET on August 16. Its value rose 1.15 percent in the last seven days. Bitcoin has mined 90 percent of its coins and the remaining 10 percent would be produced by 2040. That makes it rare. No wonder why its value has skyrocketed to record levels in the first half of the year.

                       

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The blockchain-based cryptocurrency has a hard supply of 21 million coins, of which, 18.77 million are already created. Thus, 83 percent of coins are already in circulation since its inception in 2009. It expects to produce 97 percent of coins by the end of this decade and the remaining 3 percent by 2040, according to experts. Since its inception, its value has increased by leaps and bounds.

Although no one knows the real inventor of Bitcoin, some believe the maker may have chosen the imaginary name of Satoshi Nakamoto to keep the identity secret. Bitcoin’s current market cap is US$871 billion. It is traded on Tokocrypto, OKEx, Coin Tiger, Binance, and other platforms.

Also read: Cardano & Ethereum: Why were these crypto coins in limelight Friday?

Source: Pixabay.

Dogecoin

Dogecoin (Crypto: DOGE) prices have been rising. The coin has been trending over the past week, although there is no specific reason for it. Dogecoin jumped 10.19 percent in the last 24 hours and 32.99 percent in the last seven days, according to Coinmarketcap.com. The coin surged over 50 percent in the past few weeks, it said. The coin was priced at US$0.3346 at 12.46 pm ET on Monday.

Crypto trading platform Coinbase Global said that the monthly transactions of Dogecoin have gone up by 44 percent over the past month and by 38 percent YoY. Currently, Dogecoin ranks seventh in terms of market cap, as per Coinmarketcap. Its market cap is US$43.8 billion.

A total of 130 billion Dogecoin are currently in circulation. Dogecoins are traded on exchanges like Binance, OKEx, Coin Tiger, TokoCrypto, and Huobi Global.

Solana

The Solana (SOL) cryptocurrency entered the top 15 rankings within two years of inception. The coin rose 37.80 percent to US$67.49 at 1.16 pm ET on August 16. Solona, a blockchain-based coin, was created in Geneva, Switzerland, in 2020.

Also read: What are Bitcoin debit cards and where all you can use it?

Its market cap is US$19 billion. A total of 286 million Solana coins are currently in circulation. The SOL is traded on Binance, OKEx, Huobi Global, and Bilaxy.

Bottomline

The global cryptocurrency market has been rapidly gaining ground over the past few years. The market watchers believe the cryptocurrency market would grow further as it continues to gain acceptance from governments and financial institutions around the world.

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