Crypto Market Cap Reaches Record $3 Trillion Mark As Bitcoin, Ethereum, Binance Coin All Pump
The total crypto market cap breached a record peak above $3 trillion today as Bitcoin lies inches away from fresh all-time highs.
Barry Silbert, CEO of crypto conglomerate Digital Currency Group kicked off this week’s trading by ominously telling his 627,000 followers that this week would be big.
So far, Silbert’s prediction has been accurate with multiple large-cap cryptocurrencies adding capital to the space with significant gains. After suddenly jumping nearly over 7%, Bitcoin is once again threatening to take out all-time highs after a somewhat anticlimactic breakout three weeks ago.
Analysts who are proponents of Bitcoin closely following previous bull market cycles are saying that based on historic patterns, BTC is right on the edge of a parabolic move.
Followers of quant analyst PlanB will also be watching any bullish Bitcoin price action closely as he predicts a closing price at least above $98,000 this month.
Ethereum is also on the move, continuing a parabolic uptrend that began in early October. ETH is currently up 30% over the last month with a market cap dominance nearing the 19% range.
Binance’s utility token BNB has also been contributing to crypto’s growth as of late, rallying 54% in the last 30 days. According to crypto hedge fund manager Zhu Su, BNB could end up being one of the big under-the-radar surprises this bull run.
“Look, everyone is discussing whether sol/eth pump or sol/eth dump is max pain. There's a coin in between these called BNB and it going 5x is prob the actual max pain…Not saying it will happen this month, but just saying I think the CT timeline would be literally filled with pain if it happened.”
The jump in digital asset markets comes just as Bitcoin's anticipated Taproot soft fork goes live. According to taproot.watch, the new upgrade will happen in 830 blocks, or an estimated 6 days. Taproot is the first significant upgrade since Segwit in 2017, and is expected to improve Bitcoin in a number of ways, such as allowing developers to set more conditions for wallets to enhance their functionality, as well as enhancing privacy measures.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.