After a rocky September and the crypto price crash wiping out hundreds of billions of dollars from the entire market, digital currencies quickly bounced back, driving the global crypto market cap to new record highs.
According to data presented by Mejores Apuestas, the global crypto market cap soared by 255% YTD to $2.75trn last week, or nearly $230bn more than the previous record in May.
Bitcoin Hit New Record Valuation, Ethereum Up by 545% YTD
As the world’s largest and most expensive digital currency, Bitcoin accounts for 42% of the global crypto market cap. The CoinMarketCap data show the combined value of all BTC coins more than doubled since January, despite two massive price crashes in May and September.
In the three weeks of October only, Bitcoin’s price jumped from $55,300 to an all-time high of $66.800 and then slipped to $61,700 at the end of last week, helping its market cap reach $1.17trn.
However, the latest boost in the crypto market has been equally driven by impressive Ethereum growth. In January, the combined value of all ETH coins amounted to $83.4bn. This figure soared to $498bn in May and then halved in the next two months after the crypto price crash.
However, Ethereum quickly bounced back, with its market cap jumping to $461.7bn on September 7th. After a few rocky weeks and another crypto price drop, following a ban on cryptocurrency transactions and mining from China’s central bank, Ethereum’s price continued growing, driving its market cap to $538.6bn last week, a massive 545% increase YTD.
Solana, Dogecoin, Binance Coin and Cardano, the Fastest Growing Cryptos This Year
Besides Bitcoin’s and Ethereum’s price rally, which fuelled the global crypto market growth, some other leading cryptos also witnessed impressive growth since January.
The CoinMarketCap data showed Solana was the fastest growing digital coin in the crypto space this year. Since January, the market cap of the cryptocurrency soared from $75 million to $76.2bn, which is 186 times the growth rate of Ethereum or 875 times more than the growth of Bitcoin in this period. In the last month only, the price of the Ethereum competitor jumped by 55%, ranking it as the fourth-largest crypto coin by market cap.
Dogecoin follows Solana when it comes to market cap increase in 2021. Since the beginning of the year, the combined value of all DOGE coins has surged by 5,428% and hit $34.5bn last week.
2021 has also been a fantastic year for Binance Coin, which became the world`s third-largest crypto by market cap. Statistics show the combined value of all BNB coins soared by 1,826% YTD to $104.2bn.
Besides these three cryptos, Cardano was the only digital coin witnessing a four-digit growth this year. Statistics show the combined value of all ADA coins jumped by an impressive 1,098% YTD to $66.4bn, ranking it the sixth-largest crypto globally.