Business

Crypto market adds $80 billion in one day as Altcoins gain value

The crypto market added $80 billion in one day following a current bull run which resulted in various Altcoins gaining significant value.

Altcoins which are other crypto assets that are not Bitcoin witnessed a massive surge in price with the most impressive being Binance Coin, Toncoin, Shiba Inu, Uniswap, and a host of others.

This bull run which caused the Altcoins to gain significant value was driven by a significant inflow of funds in the existing US spot Bitcoin Exchange Traded funds (ETFs).

According to data from Farside a United Kingdom-based investment firm US spot Bitcoin ETF recorded an inflow of about $900 million on June 4 alone.

Altcoins witnessed a massive increase in value following the current bull run in the crypto market.

The entire crypto market was green on the charts with some altcoins outperforming its peers in the gains. The largest gainer of the current bull run in the Altcoin category is Binance coin.

Binance coin which is the native cryptocurrency of the world’s largest exchange Binance has been on the sidelines in previous bull runs.

It turned out to become the best-performing altcoin in the recent bull run with its market capitalization hitting $100 billion.

This means that the crypto asset is now worth more than companies like UBS, Dell, Starbucks, and others.

After weeks of slow activity and getting overshadowed by memecoins, the Super altcoin gained by $100 in one day and entered a new all-time high of $715. Binance coin’s stellar performance puts it closer to Tether in the list of the largest and most used cryptocurrencies.

Other crypto assets that gained impressively include Toncoin (10%), Shiba Inu (9.6%), NEAR (6.7%), UNI (17.6%), WIF (7.7%), and CRO (6%).

XRP, ETH, ADA, LINK, TRX, DOGE, SOL, and DOT also recorded gains in the market and were all in green.

Crypto Market Cap Hits $2.8 Trillion 

  • The total market capitalization of all cryptocurrencies rose to $2.8 trillion after the market added $80 billion in just one day.
  • Bitcoin leads the way with a Market cap of $1.4 trillion placing it in the 9th position on the list of the top 10 most valuable assets in the world.
  • Market capitalizations of crypto assets reflect how much they are valued in the market. The higher the Market Cap, the more valuable and safer it is to invest in a crypto asset.

What To Know 

  • Altcoins, or alternative coins, are cryptocurrencies that are not Bitcoin. They are built on different blockchain networks than Bitcoin but may share some of their code and functionality. Altcoins are often created with a specific purpose in mind and can be very volatile.
  • Ethereum is the largest Altcoin by Market Capitalization and it witnessed a 0.14% gain during the bull run rising to $3,791 at the time of the report.
  • Apart from Binance coin, Toncoin, Shiba Inu and Uniswap also gained significant value in the bull run.

Source: TheTimes.com.ng.

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