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Ethereum has been one of the best-performing digital assets this year. The digital coin’s year-to-date gains are over 480% and despite its slight slide, its value is up by 65% over the last 30 days and 7.4% in the last 24 hours.
The crypto coin market has now surpassed $2.5 trillion in total market cap as many digital coins continue to put up impressive performances this year. The total market cap of crypto assets over the last 48 hours has seen a rise of $228.13 billion and now stands at an all-time high of $2.53 trillion. The recent surge in the value of the crypto market is fueled by Ethereum’s sizzling performance since the start of the year.
The second-largest cryptocurrency smashed its previous all-time high of $4,000 on May 10, en-route to touching $4,345, a new all-time high whiles its market cap also soared past the $500 billion for the first time, climbing up to nearly $505 billion in the early stages of May 12, before retracting and settling at the current $495 billion valuations.
Ethereum has been one of the best-performing digital assets this year. The digital coin’s year-to-date gains are is over 480% and despite its slight slide, its value is up by 65% over the last 30 days and 5.3% in the last 24 hours. Ethereum’s boom this year has been a result of a massive surge in demand from both retail and institutional investors.
The digital coin has also benefitted immensely from the superb performance of the Decentralized Finance (DeFi) market as many of such projects that exist on the Ethereum blockchain has skyrocketed in value, making it the new go-to for newbies in the crypto space. Ethereum has been dubbed the most prominent blockchain in the DeFi finance space with its price often robbing off on DeFi’s growth. The total volume of DeFi projects currently sits a little above $90 billion, making up 9.57% of the total crypto market, and has racked in gains thanks to performances from Chainlink, Uniswap, Aave, Maker, BAT, DAI, and Compound TVL since making their debut in the crypto space.
Whiles Ethereum is making waves with its eye-catching numbers, many other altcoins have also surged in value, contributing to the current spike in the crypto coin market cap. Bitcoin, the biggest cryptocurrency wasn’t exempted from the market dump on May 11, as it fell from $59,600 to a 7-day low of $54,000 in a few hours. The digital coin however gained an intraday high of nearly $4,000 pushing its price to $58,000 before retracting and has risen over 100% since the start of the year.
The high flying Dogecoin which has surged over 8000% since the start of the year saw a rise of 34% since yesterday as Bitcoin Cash went up by 15%, pushing its price to $1,480 whiles Cardano, Polkadot and XRP gained 8%, 9% and 5% in value respectively. Other altcoins which also saw greens leading to the crypto coin market’s recording-breaking total cap include Polygon 40%, EOS 45%, SushiSwap 24%, Revain 20%, Aave 19%, Zcash 18%, OMG Network 17%, Kusama 16%, and Waves 17%.