LONDON (Dispatches) - The value of all cryptocurrencies combined has now surpassed $3trn for the first time ever, according to CoinGecko count. The website’s pricing shows that the total cryptocurrency market value jumped 4.1% over the last 24 hours to $3.01trn.
The sector’s new record-high was driven by record-breaking rallies of several major alt-coins, as well as bitcoin nearing its own all-time-high. Bitcoin reached as high as $66,571.63 in the last 24 hours, according to CoinGecko, just 1.06% below its record of $67,276.79 from 20 October, as recorded on the CoinGecko website.
The $3trn mark was helped by handsome gains registered by three of the top 5 biggest coins by market capitalisation. The second-biggest cryptocurrency, ether, climbed to a fresh high of $4,782.42 in the last 24 hours, according to CoinGecko’s count.
Despite these gains and the recent launch of bitcoin futures-based exchange-traded funds (ETFs) in the U.S., bitcoin’s dominance on the crypto market is dwindling, analysts say, as alternative tokens, or altcoins, attract more investors.
The second-biggest cryptocurrency, ether, set a record of $4,740 per coin on Monday, with a 4.7% increase overnight and a 57% gain since the start of October. Litecoin, dogecoin, cardano and XPR all started the week up, as did many smaller tokens, like internet computer (ICP) and cosmos (ATOM).