Crypto news: ETH surpasses $560bn market cap in record rally
Updated
As most of Europe was just waking up this morning, the cryptocurrency market was already in full swing and having a spectacular start to the new week.
The second largest cryptocurrency, ether, marked yet another new record high of $4,762.30 (£3,531.79) and its total market value broke $560bn, data from CoinMarketCap.com shows. Ether’s value increased tenfold in a year (see chart), as the coin was trading at $435.59 on this day a year ago.
After moving sideways for weeks, bitcoin broke through its resistance level of $64,000, and it was trading between $65,000 and $66,000 early Monday morning (London time). Bitcoin’s 24-hour high was $66,237.74, according to CoinMarketCap.com, just 1.04% shy of its all-time high of $66,930.39, reached last month.
The global cryptocurrency market capitalisation leaped 4.05% ahead to $2.87trn.
What is your sentiment on ETH/USD?
Chart of the day: Ether’s value jumped tenfold in a year
Ether yearly gains – Credit: TradingViewOther cryptocurrency news
- Tesla tokens on the cryptocurrency exchange FTX took a hit after electric vehicle maker CEO Elon Musk announced his intention to sell 10% stake in the company
- Eric Adams, the incoming mayor of the New York City, told CNN that he wants cryptocurrency to be a part of schools’ curriculum. Asked how he would describe bitcoin, Adams said it is a “new way of paying for goods and services throughout the entire globe,” before adding: “And that’s what we must do – open our schools to teach the technology and teach this new way of thinking.”
Quote of the day
Former hedge fund manager and cryptocurrency enthusiast Mike Novogratz, in response to a claim by the governor of Bank of Canada that bitcoin is not a digital currency and people don’t spend it:
True. It’s digital gold. They don’t spend gold either and it’s worth +$10tr. $BTC had a long way to go. https://t.co/0Qc8WZb9Dv
— Mike Novogratz (@novogratz) November 7, 2021
Biggest coins by market capitalisation
As of 08:00 GMT…
- bitcoin was up 6.73% over the last 24 hours to $65,977.7
- ether added 3.99% in the same period and was trading at $4,726.8
- binance coin slipped 2.20% to $643.1 over the last 24 hours, but it was still 21.93% up week-on-week – making it the biggest weekly gainer among the 10 largest digital coins.
Winners and losers
- The third and fourth virtual currencies by market capitalisation, binance coin and solana, were down 2.2% and 2.82% respectively over the last 24 hours
- Shiba Inu continued its downward trend, losing 5.07% over 24 hours.
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