For the first time in history, the crypto market has surpassed the $2.6 trillion barriers when it comes to market capitalization 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).
Certainly, the global crypto market cap has already reached $2.613 trillion, representing a 5.6% gain over yesterday. Moreover, the overall market volume over the past 24 hours has elevated to $94.75 billion, representing a 4% improvement, based on the data from CoinMarketCap.com.
In addition, the complete volume in DeFi is now $12.07 billion, accounting for 12.74% of the total 24-hour quantity within the cryptocurrency market. In contrast, the amount of all stable currencies is currently $71.81 billion, representing 75.78%.
Bitcoin new all-time high
Furthermore, Bitcoin has helped the crypto market break through the $2.6 trillion level when it comes to market capitalization 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.
Certainly, after a spectacular comeback from a July collapse that noticed 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. Presently, 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.
MicroStrategy CEO Michael Saylor commented:
“Don’t bet against #Bitcoin.”
In the meantime, 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 capitalize on current market momentum
down 2.4% in the last 24 hours and 5.65% over the previous seven days.
Nevertheless, that is particularly notable given the truth that, apart from stablecoins, each different currency within the high 20 cryptocurrencies by market capitalization is now trading in the green.