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Crypto market reclaims $2.6 trillion as number of cryptocurrencies surpasses 13,000

Crypto market reclaims $2.6 trillion as number of cryptocurrencies surpasses 13,000

As the number of cryptocurrencies reaches 13,000 for the first time, the cryptocurrency market has again reclaimed the $2.6 trillion milestone on Monday, October 25, following a brief dip.

Indeed, there are now over 13,069 coins to trade on the market at a time when there is a great deal of positive mood around the space. 

Currently, the entire market worth of all cryptocurrencies is $2.6 trillion, up 2.16% from yesterday. Similarly, the market volume hit $101.93 billion in the last 24 hours, up 26.69%, according to CoinMarketCap.com.

Global crypto market 7 day market cap. CoinMarketCap.com

Also, DeFi volume is now $11.61 billion, or 11.39% of the entire 24-hour cryptocurrency market volume, while the total volume of all stable currencies is $81.13 billion, or 79.60%. 

It’s worth mentioning that on October 20th, 2021, data compiled by Finbold showed that the top three digital currencies by market capitalization accounted for 68.73% of the whole cryptocurrency market’s $2.53 trillion value.

Remarkably, just 0.02% of the entire 12,917 cryptocurrencies at the time controlled roughly 70% of the whole market. In fact, Bitcoin had the largest 47.6% share of the $2.53 trillion market cap. Ethereum (ETH) ranked second with a share of 17.93%, whereas Binance Coin (BNB) took the third spot at 3.2%.

Altcoins

Meanwhile, Dogecoin (DOGE), and Solana (SOL), have both had significant increases in value over the past 24 hours, with the prices of Dogecoin and Solana increasing by over 7% each.

However, it was Shiba Inu (SHIB) which surged to new all-time highs over the weekend to become the 13th-largest cryptocurrency in terms of market capitalization, that caught everyone’s eyes. 

Although the coin is now trading at $0.00003865, down 2.63% on the day, it is still up 39.90% on the week, with a market capitalization of more than $15.2 billion.

On Sunday, SHIB gained 50%, setting a new all-time high. An unidentified individual named Ryoshi launched Shiba Inu in 2020, and the coin’s website describes it as ‘a decentralized meme token that evolved into a vibrant ecosystem.’

Bitcoin price

After shattering the previous record of $64,800 set in April, Bitcoin (BTC) continued to rise and was trading over $66,000 at the start of Thursday morning. Since then, the cryptocurrency has dropped to about $62,000 and has been hovering around this level since Friday. 

As of his most recent estimate, Michael van de Poppe, a notable cryptocurrency analyst, thinks Bitcoin is still on its path to $90,000.

Bitcoin/USDT chart analysis. Source: Michael van de Poppe

Presently, the flagship digital cryptocurrency is trading above $62,638, up 2.94% in the last 24 hours and 0.61% over the previous seven days, according to CoinMarketCap.com.

Bitcoin 7 day market cap. CoinMarketCap.com

A recent rebound in Bitcoin sent the cryptocurrency to a new all-time high of $66,974, fuelled by the introduction of the Bitcoin futures exchange-traded funds (ETF). The latest recovery came six months since its previous all-time high in April.

The fund enables investors to speculate on the future value of Bitcoin — without having to actually hold any of the cryptocurrency themselves. Thus, for the first time, investors will be able to exchange an asset linked to Bitcoin on the New York Stock Exchange.

Elsewhere, Growing adoption in the space continues with Walmart announcing a pilot program enabling customers to purchase Bitcoin at Coinstar kiosks in-store. On October 21, Walmart Inc announced that Coinstar would deploy ATM-like devices in some of its U.S. locations.

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