Bitcoin, Ethereum, Shiba Inu and Dogecoin skyrockets to 13%

Bitcoin, Ethereum, Shiba Inu and Dogecoin skyrockets

The sudden spurt in prices of major cryptocurrencies – Bitcoin, Ethereum, Shiba Inu and Dogecoin – has taken the total market capitalisation to a new high of $ 2 trillion.

Bitcoin surged 13% to a record high of $ 58,354 on Saturday, taking its gains this year to nearly 80%. Ethereum, the second-largest cryptocurrency, jumped 11% to a record $ 2,071, taking its year-to-date gains to over 500%.

The total market capitalisation of all cryptocurrencies surged to a record high of $ 2.02 trillion on Saturday, according to data from CoinMarketCap.com.

This is the first time that the total market capitalisation of all cryptocurrencies has crossed the $ 2 trillion mark.


Sudden Surge

The sudden spurt in prices was driven by a surge in demand for cryptocurrencies from institutional investors and companies.

Last week, Tesla announced that it had bought $1.5 billion worth of Bitcoin and would accept it as a payment for its products.

Other companies such as Square and Mastercard have also announced that they would accept Bitcoin as a payment method. The increasing demand for cryptocurrencies has led to a shortage of supply, driving up prices.

Bitcoin, Ethereum, Shiba Inu and Dogecoin
Bitcoin, Ethereum, Shiba Inu and Dogecoin

Cryptocurrencies are still a risky investment and prices could crash at any time. So, invest only what you can afford to lose.

In the last 24 hours, the global cryptocurrency market cap increased by over 7% to $885.71 billion. The entire cryptocurrency trade volume, on the other hand, dropped 11% to $79.09 billion.


What The Experts Are Saying

Following a week of uncertainty, the prices of major cryptocurrencies rose modestly over the weekend, according to the CoinDCX Research Team. “Analysts have pointed out that catalysts will help stabilize crypto values in the near future.”

Despite market volatility, a recent Bank of America survey of over 1,000 digital asset users found that investors remain enthusiastic about the future of crypto, with 91% of those polled stating they will continue to acquire crypto in the next six months, according to the report.


Crypto Global

Bitcoin fell drastically below $20,000 for the first time since December 2020. The largest cryptocurrency by market size was changing hands at around $18,984.1 at the time of publication, after trading as low as $18,739.50.

Some investors were hesitant to buy stablecoins after the collapse of Terra’s terraUSD. The algorithmic stablecoin, which was fixed to the US dollar, proved to be unreliable, and stablecoin investors were concerned about being left with nothing.

Terraform Labs, its creator Do Kwon, and numerous VC firms that make up the Luna Foundation Guard were sued by an Illinois citizen for allegedly violating federal securities laws and misleading investors.

The creation of an official digital version of the US dollar could help the country maintain its global dominance as other countries issue their own, according to Fed Chair Jerome Powell, who weighed in with generally positive remarks on a contentious topic at the central bank that has policymakers split.