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Crypto market hits $2.6 trillion capitalisation for the first time in history

Crypto market touches $2.6 trillion capitalisation for the first time in history

For the first time in history, the cryptocurrency market has surpassed the $2.6 trillion barrier in terms of market capitalisation amid Bitcoin’s (BTC) rally, which soared to new all-time highs ahead of the second day of trading for the massively popular ProShares Bitcoin Strategy exchange-traded fund (ETF).

Indeed, the global crypto market cap has already reached $2.613 trillion, representing a 5.6% gain over the previous day. Furthermore, the overall market volume over the past 24 hours has increased to $94.75 billion, representing a 4% increase, according to the data from CoinMarketCap.com.

Global crypto market 1 year chart: Source: CoinMarketCap.com.

In addition, the entire volume in DeFi is now $12.07 billion, accounting for 12.74% of the total 24-hour volume in the cryptocurrency market. In contrast, the volume of all stable currencies is currently $71.81 billion, representing 75.78%.

Bitcoin sets new all-time high

Moreover, Bitcoin has helped the crypto market break through the $2.6 trillion level in terms of market capitalisation for the first time ever as the flagship digital asset hit a new all-time high on October 20, 2021, following the success of ProShares Bitcoin futures ETF trading on the stock exchange for the second day in a row.

Indeed, after a spectacular comeback from a July collapse that saw the asset fall below $30,000, the cryptocurrency has reached a new all-time high propelling the BTC into the realm of price discovery.

Consequently, BTC price movement has re-entered unknown territory after breaking over the last barrier of $64,900 set April 14, 2021. Currently, the flagship digital currency is up 7.76% in the last 24 hours and 19.56% over the previous seven days, with Bitcoin now trading above $66,800 at the time of publication.

Bitcoin 7 day price chart: Source: CoinMarketCap.com

MicroStrategy CEO Michael Saylor commented:

“Don’t bet against #Bitcoin.”

Meanwhile, renowned pseudonymous crypto trader PlanB simply tweeted:

Notably, Bitcoin appears to be following the traders stock-2-flow chart, which he earlier tweeted about back in June.

SHIB fails to capitalise on current market momentum

Meanwhile, decentralized token Shiba Inu (SHIB), despite being the most used non-stablecoin on the Ethereum (ETH) network, is currently changing hands at $0.00002763 

down 2.4% in the last 24 hours and 5.65% over the previous seven days.

Shiba Inu 7 day price chart: Source: CoinMarketCap.com

However, this is particularly notable given the fact that, apart from stablecoins, every other currency in the top 20 cryptocurrencies by market capitalisation is now trading in the green.

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