Cryptos Market Cap Rises to $2.11T as Bitcoin Nears $60,000

Bitcoin price uptick has lifted market capitalisation of all cryptocurrencies by more than 1% in the last 26 hours to $2.11 trillion.

The total cryptocurrency market capitalisation rose by more than 1% in the last 24 hours to reach $2.14 trillion on Tuesday evening, as the price of bitcoin increased.

According to data from CoinMarketCap, the total crypto market volume reached $71.37 billion in the last 24 hours, representing an increase of 16.67%. Additionally, the total volume in decentralised finance (DeFi) settled at $3.97 billion over the same period, which constitutes 5.57% of the total crypto market 24-hour volume traded on the exchange.

Furthermore, the volume of all stable coins reached $66.03 billion, which is 92.53% of the total crypto market 24-hour volume traded on the exchange on Monday.

The price of bitcoin (BTC-USD) increased by 0.7% to reach $59,866.93 at the time of filing this report on MarketForces Africa. The CoinDesk Market Index, which tracks 134 digital assets, gained 0.6% over 24 hours.

In other market movements, the Nasdaq 100 lost 0.4%, the S&P 500 fell by 0.1%, and the Dow Jones Industrial Average dropped by 0.3%.

Bitcoin (BTC-USD), the most popular cryptocurrency, gained 1.2% to $59,823 with a 24-hour trading volume of $33.1 billion, up about 24%, according to CoinMarketCap data.

Ethereum (ETH-USD), the second-largest digital asset, rose 0.2% to $2,617. BNB (BNB-USD), the third-largest digital asset by market value excluding stablecoins, advanced 3.6%, while Solana (SOL-USD), the fourth-largest, edged up 0.9%.

XRP (XRP-USD) gained 0.2%, Dogecoin (DOGE-USD) rose 3.8% and Cardano (ADA-USD) climbed 3.7%.

The US 10-year Treasury yield closed at 3.803%, down from Monday’s close of 3.865%, while the five-year yield closed at 3.700, down from 3.757%.

The total market value of the cryptocurrency industry increased 0.9% in the past 24 hours to $2.11 trillion, while trading volume grew about 14% to $67.87 billion.