The capitalisation of the total cryptocurrency market returned above $2trn (£1.4trn) for the first time in almost three months on Monday, reaching as high as $2.049trn, according to CoinMarketCap.
After rising to a three-month high of $48,227 on Saturday, bitcoin traded at $46,411 by mid-afternoon with a market capitalisation of $872bn and trading volume of $32.5bn.
Having accounted for 46.3% of the total crypto market only a week ago, the world’s first and most popular cryptocurrency saw its dominance fall to 43.7% after a number of rivals experienced healthy gains.
Ethereum, the second-largest, saw its share of the market fall by 1% within the same time period to 18.9%. The price of ether rose to $3,333.99 on Monday, its highest level since the May sell-off induced by Beijing’s cryptocurrency crackdown.
Among other leading coins, Cardano (ADA) enjoyed arguably the most eventful week. The cryptocurrency leapfrogged the likes of Tether and Binance Coin to become the third-largest crypto by market cap.
With investors and traders hopeful that the Alonzo upgrade will add the long-awaited smart-contract functionality to the Cardano blockchain, the ADA price rose by more than 50% in the space of a week to a high of $2.24.
Biggest gainerRising by as much as 50% in the space of 24 hours, Kin was the cryptocurrency market’s biggest gainer on Monday. The cryptocurrency designed for use as money within the Kik messenger ecosystem saw its market cap rise by 36% to $202m.
At $0.00013, the crypto has enjoyed a more than 600% gain in the past 12 months. However, it still stands 93% below the all-time high of $0.00149 it reached in 2018.
Biggest loserHaving enjoyed the largest gains among the entire market only last Thursday, XinFin Network (XDC) led it in losses on Monday. The blockchain project, which is engineered towards improving smart contract functionality, traded down 5.5% at $0.13096. (Source:CurrencyCom)
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