Meanwhile, $3.7 Billion In ETH Has Been Burnt Since EIP-1559

The crypto sector seems to be on a bullish spree, as the total crypto market capitalization surpassed $3 trillion, according to data from crypto market watchdog CoinGecko.

According to the crypto data aggregator, the total crypto market cap managed to peak above $3 trillion, increasing its size by 14.5% in less than three weeks.

Furthermore, data from CoinGecko showcased that the current market cap all-time high comes amid Bitcoin (BTC) trading within 2% of its all-time high and Ethereum (ETH), Solana (SOL), and Polkadot (DOT) recording unseen before price actions.

However, the total crypto market cap didn’t endure a smooth ride, since the crypto sector recorded a local low of $1.24 trillion on July 20 after a climb from $848.6 billion on Jan. 6, 2018, to nearly $2.62 trillion on May 12, 2021.

Meanwhile, Bitcoin’s price movement did not correlate with its dominance over other cryptocurrencies, as the increase in price differed from its dominance top of 70.8% on Sep. 6, 2019. Currently, Bitcoin’s market capitalization equals 43,3% of the entire crypto sector.

Nevertheless, Bitcoin still keeps on beating its closest market cap rival, Ethereum, in terms of market share with $1.22 trillion compared to Ethereum’s 18.6% or $560 billion in market capitalization.

Ethereum’s recent bullish momentum resulted in yet another all-time high for the altcoin leader. Indeed, Ethereum surpassed its previous all-time high of $4,632, which occurred on May 12 and clocked in at $4,744. Meanwhile, Ethereum’s push didn’t stop with the all-time high, as the altcoin leader topped $4,762.84 on November 8, 2021.

d76f5bb0ce40ad7c7614e4764a65df54Source: CryptoBrowser

Ethereum’s price increase in 2021 has been around 540% since the beginning of the year, while Bitcoin saw a gain of 125% in the same period.

A part of Ethereum’s increasing price point is the increasing on-chain activity. Data from Glassnode suggests the altcoin leader surpassed 1 EH/s before surging from the previous ATH of 876 TH/s on Nov 2.

Also, Ethereum keeps fleeing centralized exchanges, as $6.4 billion in ETH has flowed into exchanges while $8 billion exited centralized exchanges. Also, increased gas fees managed to push a total of 800,000 ETH burnt over the past three months. Currently, the burnt Ethereum is valued at around $3.7 billion.

Bitcoin Ethereum btc eth Ethereum news Bitcoin price bitcoin news cryptocurrency news crypto news Crypto Price Ethereum Price Market Capitalization

Cookie Policy uses cookies to enhance your experience. By continuing without changing your settings, you agree to this use. To provide the best blockchain and crypto media on the web for free, we also request your permission for our partners and us to use cookies to personalize ads. To allow this, please click "OK". Need more info? Take a look at our Cookie Policy.

OK Cookie Policy