In light of Ethereum’s new all-time high, Bitcoin’s near-record price, and other cryptocurrency’s increases, CoinGecko estimated that the combined cryptocurrency market capitalization has crossed $3 trillion for the first time.
The cryptocurrency data aggregator reports that the global crypto market cap surpassed its previous high of $2.62 trillion on Oct. 20 and has increased by 14.5% since then.
Crypto market value has nearly quadrupled since its 2020 year-end value, thanks to investors’ successful adoption of established tokens and blockchains like Ethereum and Solana that continue to upgrade and add new features.
In addition to the big players in the crypto ecosystem, several meme coins, such as Dogecoin and Shiba Inu, are gaining popularity due to their ability to decentralize finance and use non-fungible tokens.
The rise in the price of popular and less known cryptos has made the market cap skyrocket, and there is potential for even further increases.