Crypto Market Cap Hits $3 Trillion; Avalanche, Loopring, Ethereum At All-Time Highs

The overall market cap of cryptocurrencies crossed the $3-trillion mark on Monday, according to data from CoinGecko.

What Happened: The market-leading cryptocurrency Bitcoin BTC/USD hit a three-week high of $66,400, gaining 6% in the last 24 hours. The coin had a daily trading volume of $34 billion at the time of writing and accounted for 43.17% of the crypto market.

Ethereum ETH/USD, the second-largest cryptocurrency by market cap, rose to an all-time high of $4,762 during Asian trading hours Monday. The leading altcoin had a trading volume of $16 billion and accounted for 19.58% of the market.

Other large-cap altcoins also saw significant gains over the weekend. Avalanche AVAX/USD, a layer one smart contract platform, hit an all-time high of $96.91 earlier Monday. The coin surged 15% in the last 24 hours to become the 12^th-largest cryptocurrency by market cap.

Loopring LRC/USD gained 28.2% in the last day, rallying to an all-time high price of $1.72 at press time. The coin extended a week-long rally, triggered by rumors that it had partnered with GameStop Corporation GME to build a NFT marketplace. In the last seven days, the token’s price appreciated by more than 114%.

Internet Computer ICP/USD, Crypto.com Coin CRO/USD, and Fantom FTM/USD rallied 12.2%, 14.6% and 10%, respectively, in the last 24 hours.

Some popular altcoins also saw recent price rallies cool off and recorded negative price action in the last day. Included in this list were Solana SOL/USD, Binance Coin BNB/USD, and Axie Infinity AXS/USD, all of which lost around 3% of market value in the last day.

Photo: Art Rachen on Unsplash.