According to CoinGecko data, the crypto market is now worth over $3 trillion. This comes at a time when the major digital coins are experiencing a huge rally on Monday, November 8th. As a result, market capitalization has skyrocketed.
Ethereum (ETH) hit a new all-time high of over $4,700. Bitcoin is also approaching a new all-time high and is currently trading at around $66,000.
A number of other altcoins also saw a positive run. Solana (SOL) is up nearly 12,000% in a year and is now the fourth-largest cryptocurrency by market value. SOL hit a new all-time high on Saturday, trading at $259.96. Right now, the price is trading at around $249.
The jump comes at a time when the market is on the move. Amid a global debate over the regulation of altcoins, crypto developers as well as enthusiasts are moving and are more active than ever.
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Big developments in the crypto market in the last 7 days
A lot has happened in the crypto market in the last week. Over 5000 people attended an NFT conference in New York. The highly anticipated event, for which 3000 people were on the waiting list, included 600 different speakers. There were also a number of parties, dinners, and other events.
The company behind NFT’s Bored Ape collection hosted a yacht party on the Hudson River and a private concert for NFT owners. The event was attended by a mix of crypto investors, influencers, and celebrities.
Meanwhile, the SQUID token caused a major disruption in the market when it crashed from $2,861 to almost 0 in just 15 minutes. This was likely a pump and dump scam. The developers of SQUID disappeared with several million, leaving their investors empty-handed.
In total, Squid Game token buyers lost at least $3.4 million. The project has since been abandoned.
Politics has also played a role in the crypto market rally. The mayor-elect of New York has promised to take his first 3 paychecks in Bitcoin. The announcement was made in a tweet on Thursday. The new mayor wrote in response: “New York City will be the center of the crypto industry.”
The U.S. Congress has passed a $1.2 trillion infrastructure bill, which only needs to be signed by Joe Biden. The bill will impact crypto traders and investors and introduce new tax rules for crypto.
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