According to data from CoinGecko, the cryptocurrency market is now worth over $3 trillion. This comes at the top digital coins experiencing a huge rally on Monday, sending the value of crypto to the moon.
Ethereum (ETH) reached a new all-time high of $4,700 and is now trading at around $4,78. Bitcoin is also inching close to a new all-time high of $66,900 and currently trades at around $66,006.
A number of other altcoins have also experienced a positive run today. Solana (SOL) is up by nearly 12,000% and is now the fourth-largest cryptocurrency by market value. SOL reached a new all-time high on Saturday, trading at $259.96. The token is now trading at around $249.
The surge in cryptocurrency value comes at a time when activity in the market is exciting. Amidst a world-wide debate over regulation of altcoins, crypto developers and enthusiasts are making moves and creating a storm of activity.
Big moves in the crypto industry in the last seven days
Over the last week, big moves have been made in the crypto space.
Over 5000 people attended an NFT conference in New York. The highly anticipated event left 3000 people on the waiting list and included 600 different speakers on panels along with a number of parties, dinners, raves and attractions.
The company behind the NFT collection Bored Ape threw a yacht party on the Hudson river as well as an owners-only concert. The event was attended by a mixture of top crypto investors, influencers and celebrities.
Meanwhile, the SQUID token caused major disruption to the market when it crashed from $2,861 to $0 within the space of just 15 minutes. The crash was bought on by a pump and dump in which SQUID founders cashed out, leaving investors with nothing.
SQUID token collectors profited with at least $3.4 million in investor funds. The project has now been abandoned.
Politics has also played a role in the crypto rally. Up-and-coming New York Mayor has vowed to take his first 3 paychecks in Bitcoin. The announcement was made via a tweet on Thursday. The mayor elect wrote, “NYC is going to be the center of the cryptocurrency industry.”
Congress has also passed a $1.2 trillion bipartisan infrastructure bill that has been sent straight to Joe Biden’s desk. The bill will impact cryptocurrency holders and providers and will introduce new tax laws for crypto.
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