Altcoins
Crypto Market Adds $80 Billion in One Day as Altcoins Rise in Value
The cryptocurrency market added $80 billion in one day following an ongoing bull run that saw various Altcoins gain significant value.
Altcoins, which are other crypto assets that are not Bitcoin, have seen a massive price rise, the most impressive being Binance Coin, Toncoin, Shiba Inu, Uniswap and many others.
This bull run that saw Altcoins gain significant value was driven by a large influx of funds into existing spot Bitcoin exchange-traded funds (ETFs) in the United States.
According to data of Farside, an American spot Bitcoin ETF investment company based in the United Kingdom, saw an inflow of around $900 million on June 4 alone.
Altcoins have seen a massive increase in value following the current bullish trend in the crypto market.
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News continues after this announcement
The entire crypto market was green on the charts, with some altcoins outperforming their peers in terms of gains. The biggest winner in the current bull run in the Altcoin category is Binance coin.
Binance coin, which is the native cryptocurrency of the world’s largest exchange Binance, has been sidelined during previous bull runs.
It proved to be the best performing altcoin during the recent bull run, with a market capitalization reaching $100 billion.
This means that the crypto asset is now worth more than companies like UBS, Dell, Starbucks and others.
After weeks of slow activity and overshadowed by memecoins, the Super altcoin gained $100 in one day and reached a new all-time high of $715. The exceptional performance of the Binance coin brings it closer to Tether in the list of the largest and most used cryptocurrencies.
Other crypto assets that gained impressively include Toncoin (10%), Shiba Inu (9.6%), NEAR (6.7%), UNI (17.6%), WIF (7.7%) and CRO (6%).
XRP, ETH, ADA, LINK, TRX, DOGE, SOL and DOT also saw gains in the market and were all in green.
Crypto Market Cap Hits $2.8 Trillion
- The total market capitalization of all cryptocurrencies reached $2.8 trillion after the market added $80 billion in a single day.
- Bitcoin leads the way with a market capitalization of $1.4 trillion, placing it at the 9th position on the list of the world’s 10 most valuable assets.
- The market capitalization of crypto assets reflects their value in the market. The higher the market capitalization, the more valuable and safer it is to invest in a crypto asset.
What there is to know
- Altcoins, or alternative coins, are cryptocurrencies that are not Bitcoin. They are built on different blockchain networks than Bitcoin, but may share some of their code and functionality. Altcoins are often created for a specific purpose and can be very volatile.
- Ethereum is the largest Altcoin by market cap and saw a 0.14% gain during the bull run, reaching $3,791 at the time of the report.
- Besides Binance coin, Toncoin, Shiba Inu, and Uniswap also gained significant value during the bull run.