Cryptocurrency continued its bullish momentum on Wednesday, adding another 3.9% in the past 24 hours, bringing global market capitalisation to a monthly high of US$1.06tln.
Bitcoin performed particularly well with a 6.86% rise to US$23.542, pushing its market cap close to the US$450bln barrier which could serve as a strong support line. Ethereum’s momentum cooled off slightly, though it still managed to add another 3.16% on Wednesday morning, bringing its trading price to US$1,572.
Large-cap network tokens continue to post solid gains on the back of Ethereum’s recent bull run, with Solana up 5%, Polygon up 4.07% and Avalanche up 10.24%. But the biggest winner was the US$18bln Cardano Network, with a 10.81% rally pushing its ADA coin to a 30-day high of US$0.50.
Niche blockchain offerings NEM, Mina Protocol and Waves all posted double-digital gains. It’s a topsy-turvy week for Nexo; after outflanking the market on Monday and Tuesday, the crypto lender was today’s biggest loser, having shed 10% in the past 24 hours.
The decentralised finance (DeFi) market held steady at US$86.2bln in total value locked across all protocols.