Daily Times

The cryptocurrency market remained bullish on Monday, with the ether setting all-time high and the market capitalisation gaining 3.9 percent to reach $3.1 trillion as of 1225 hours GMT.

Bitcoin, the largest cryptocurrency, gained 6.12 percent to reach $65,916, inching back towards a record high above $66,900 set in October 2020. With this increase in price, the market capitalisation of the biggest cryptocurrency has reached 1.241 trillion.

Similarly, ether (ETH), the world’s second-largest digital coin, surged 2.79 percent to hit a new all-time high of $4,782. The token was trading at a price of $4,735 at the time of filing of this report. With this increase in price, the market capitalisation of ETH has reached $555.6 billion.

Likewise, XRP price increased by 6.21 percent to reach $1.26. The market capitalisation of XRP stands at $126.1 billion after this increase.

On the other hand, cardano (ADA) price gained 2.20 percent to reach $2.04. Its market capitalisation has reached $66 billion with this increase. Following the market mood, dogecoin (DOGE) edged up by 6.24 percent to reach $0.279. With this increase in price, the market capitalisation of doge has reached $36.7 billion.

According to experts, the overall crypto market capitalisation has crossed $3 trillion as ether hit a new all-time high. They said that over the past five days, there has been a consistent drop in gas fees on the Ethereum network. This has propelled the altcoin’s price higher, hitting a new all-time high of $4,782.

The average transaction fee has plunged over 33 percent since Tuesday. The dropping gas fees has triggered a spike in the Ethereum network’s hash rate. Hash rate is a measure of the computing power of the network. Historically, a high hash rate is correlated with a spike in Ethereum price.