Blockchain News

Crypto Market Capitalization Inches Nearer to $3 Trillion

Written by James Smith

The cryptocurrency market has skilled twists and turns in 2021, however this has not dampened its spirits to soar to new heights. This market’s capitalization is a stone’s throw away from the $3 trillion mark because it stands at $2.96 trillion.

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This upward momentum has been boosted as main cryptocurrencies proceed setting new all-time highs. As an illustration, Bitcoin broke the document at $68,500 within the final 24 hours as extra investments proceed trickling into this market. 

Moreover, Ethereum topped $4,800, a state of affairs not seen in its 6-year journey.

The crypto market has been experiencing an uptick in actions primarily based on the ripple impact of a number of the ecosystems.

As an illustration, Solana (SOL) is experiencing vital development primarily based on the excessive transaction speeds it presents as a result of it merges the proof-of-history and proof-of-stake consensus mechanisms.

Consequently, its demand in booming decentralized finance (DeFi) and non-fungible token (NFT) sectors continues to develop. 

Miners emerge as a number of the largest beneficiaries within the crypto area

As the worth of the crypto market continues to extend, miners are benefiting from the surge primarily based on the income generated. As an illustration, Bitcoin miners’ income has surged by 550% because the 2020 halving.

On-chain metrics supplier Glassnode explained:

“Bitcoin miners see BTC earnings halved each 4 years. Within the present epoch, miners common between 900 and 1,000 BTC per day. Regardless of this discount in BTC denominated earnings, miner income in USD is up 550% because the 2020 halving, and approaching an ATH of $62M+ per day.”

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Regardless of Bitcoin miners making a kill with $13.6 billion, Ethereum miners have earned essentially the most in 2021 with a income of $17 billion, according to crypto perception supplier Arcane Analysis. 

That is primarily based on the huge exercise witnessed on the Ethereum community, which has elevated transaction fees

Picture supply: Shutterstock




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James Smith

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