- The crypto market breached the US$3 trillion mark on Monday, lifted by record gains in digital assets.
- Altcoins saw the most gains, helping the crypto market rise to record levels.
- The increased investors’ interest in the market could be attributed to several factors, including Facebook rebranding, Bitcoin futures ETF, and Elon Musk’s latest tweets.
The crypto market breached the US$3 trillion mark on Monday, rising to a record US$3.1 trillion in market capitalization after the digital assets saw robust gains in intraday trading.
Currently, there are 429 crypto exchanges and 13,791 crypto assets in the market. According to coinmarketcap.com, the crypto market has increased roughly fourfold over the past year. The acceptance of digital assets has given a significant boost to the crypto market in recent times.
Here's a look at the top three cryptos whose prices jumped to record highs on Monday.
Ethereum traded at US$4,786.12, up 3.54%, at 2:08 pm ET.
Its current market capitalization is around US$566 billion, and the circulating supply is 118,261,249.50. Ethereum grew 3.6% in the last 24 hours to Monday evening. The coin ranks second in the crypto market in terms of market cap. The Ethereum coin was first sold for US$0.311 in the Initial Coin Offering (ICO) in 2014, with a sales volume of over 60 million.
The token started trading on its blockchain in 2015. The blockchain’s main goal is to become a leading global decentralized application platform, where users can run their operations without fear of fraud or censorship. Therefore, many crypto firms use its blockchain.
Ethereum was the first to introduce the concept of smart contracts to the blockchain platform. The contract, a computer program that allows automatic execution of contracts between parties.
Source – Pixabay
Solana traded at US$247.78, an increase of 1.09%, at 2:36 pm ET.
The coin ranks fourth in the crypto market. Its current market capitalization is about US$74.99 billion. Solana's current circulating supply is 302,649,556. Its maximum supply is not immediately available. The coin was launched in 2020 by the Solana Foundation, headquartered in Geneva, Switzerland. It is an open-source project based on blockchain technology. Solana uses blockchain technology to provide decentralized finance (DeFi) solutions.
However, interestingly, Solana became famous for its proof-of-history (PoH) consensus, which allows scalability of the protocol and its usability. Moreover, its hybrid protocols have remarkably decreased transactions' validation time and smart contracts' execution, allowing faster processing. Hence, it is popular among investors for its speedier processing capability.
Polkadot traded at US$53.48, up 2.96%, at 2:36 pm ET.
The coin is ranked eighth in the crypto market. According to coinmarketcap.com, its current market capitalization is US$52.94 billion, and its circulating supply is 987,579,315. Its maximum supply was not immediately known. However, in the last 24 hours to Monday evening, the coin was up 3.22%.
The Polkadot coin started trading in 2017. Polkadot is an open-source multichain protocol used for cross-chain data transfer, tokens, and other digital assets. The cross-chain transfer makes different blockchains interoperable with each other. Hence, the interoperability feature makes the decentralization process stronger and simplifies the creation of applications and services.
Polkadot’s protocol connects chains, public and private, permissionless networks, future technologies and allows independent blockchains to transact through para-chains.
Some 511 projects use Polkadots, including 40 wallets and 44 Dapp.
These digital assets gained massive traction on Monday, rising to record levels in intraday trading. The crypto market has been buoyant lately, with the first Bitcoin-based Futures ETF launch in the US last month. The crypto craze has transcended national boundaries, regardless of the skyrocketing prices of digital assets. However, the market is generally volatile, and hence investors must evaluate the digital assets carefully before investing in them.