Having enjoyed a strong weekend, the cryptocurrency market continued to surge on Monday. The capitalisation of the total cryptocurrency market rose by $100bn (£72bn) in less than 12 hours, reaching $1.86trn – its highest level since mid-May.
The bitcoin price stood 4% higher, breaking $46,000 for the first time in three months. The world’s first and largest cryptocurrency has thus risen by over 50% since the $29,789 multi-month it shrunk to only three weeks ago.
With trading volume of $37.9bn, Bitcoin’s market capitalization stood 2.8% higher at $859bn.
Ether also traded up by 4% to $3,114. On Sunday, the world’s second-largest cryptocurrency reached $3,192, its highest level since the market sell-off that was partly triggered by the Chinese Communist Party’s crackdown.
Last week’s London Hard Fork upgrade to the Ethereum blockchain was carried out without a hitch. Five days since the alteration to the network’s transaction fee system, ether’s market capitalization stood $70bn higher at $367.5bn.
Among the other prominent cryptocurrencies, XRP and Dogecoin enjoyed some of the largest Monday gains, rising by 4.5% and 7.5%, respectively.
XinFin Digital Contract (XDC) enjoyed the largest gain of the day, rising by 25% to $0.10373. Its market capitalisation rose by a similar amount to $1.2bn, while trading volume jumped 440% to $30.8m.
The three-year-old protocol uses Delegated Proof of Stake (XDPoS) to create a secure and commercial blockchain that supports smart contracts.
Although XDC has fallen by a third since its April all-time high, on a 12-month basis, the coin now trades 1,538% higher.
SafeMoon suffered the biggest drop of the day, falling by 14.2% to $0.000002278.
Once the crypto of choice for day-trading star and Barstool Sports founder Dave Portnoy, the decentralized finance has slumped by 80% from its April all-time high. Despite this, its market capitalization still stands at over $1.3bn.(Source:CurrencyCom)
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