The crypto economy has recorded yet another feat as the sector has ridden in the back of the recent surge in price experienced by Bitcoin and Ethereum to claim the top spot. As of the time of this publication, the economy’s total market cap has jumped as high as $1.14 trillion in value.
Looking insightfully into the critical details of this jump, one would notice that the recent surge, which saw Bitcoin top well above $38,000, played a massive part in the feat. Accumulatively, the market cap saw a return of about $50 million from several digital assets in the last 24 hours to claim this spot.
Recent surge attributed to the rise in Bitcoin and Ethereum prices
Asides from Bitcoin making a not too surprising jump, Ethereum made history as the digital asset topped well above the 1,600 figure. Presently, the digital asset is trading around the $1,690 prove mark, and this can be seen in its market cap, which is around $190 billion at present. With the move coming not too long ago, Ethereum has now made a 30% price jump in the last seven days, which can be witnessed in its market cap.
Also, altcoins have seen a degree of profit, which has seen the digital assets reduce the dominance figure that Bitcoin has on them. This recent dominance figure is one of the lowest that has ever been seen in the crypto market, with only the one created around December 9 last year coming close. Presently, Bitcoins market cap is hovering around the $700 billion mark, with the digital asset only recording a profit of 5% to trade at its present price on the last day.
Details have also shown that Grayscale was one of the triggers of this market cap surge as the investment company took custody of 47,000 Ethereum, 16 Bitcoin, 12,345 Litecoin, and 337 Bitcoin Cash. With their recent buy, Grayscale’s total assets have now pushed close to $29 million, including the profit from the recent surge in Bitcoin and Ethereum.
DeFi tokens also witnessed massive bull runs
Asides from Bitcoin and Ethereum that has thoroughly impressed traders since the start of the new year, altcoins such as Cardano, Litecoin, and Stellar have impressed investors and traders in the market. Despite their increase, the major push was found in the decentralized finance sector as assets over there kept pushing high since the beginning of 2021.
Since 2021, Chainlink, Aave, and Uniswap have seen more than 100% profits. On its own, Aave has recorded a profit of more than 42% in the last few hours, which has been attributed to the huge cash flow that has been entering the Aave ecosystem since the start of the year. Uniswap has also recorded a jump of about 45%, which has been said to be due to the uptick in the amount of Ethereum.
Grayscale recently compiled a report where they talked about Ethereum and the usefulness of the new Ethereum 2.0. In their analysis, the investment firm believes that the new 2.0 Ethereum will provide people with various commodities compared to the previous Ethereum blockchain.