Crypto market surges by $623B in 2024 as Bitcoin leads the rally

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Grafa2024/08/26 05:05

By:Isaac Francis

In just the first seven months of 2024, the cryptocurrency market has experienced a remarkable surge, adding $623 billion in value.

This significant growth has been led by Bitcoin (CRYPTO:BTC), which has seen its market price increase by more than $20,000, and Ethereum, which has climbed by over $470 during the same period.

From January 1 to August 24, 2024, the total value of the top ten cryptocurrencies rose from $1.37 trillion to $1.97 trillion, marking a 36% increase.

Bitcoin (BTC) alone saw a substantial rise, jumping by $21,364, while Ethereum (CRYPTO:ETH) added $473 to its value.

Tether (CRYPTO:USDT) maintained its position as the third-largest cryptocurrency by market cap, with its valuation increasing from $91.70 billion to $117.75 billion.

Binance Coin (CRYPTO:BNB) also saw significant gains, rising from $310.61 to $577 per unit, solidifying its fourth-place position in the market.

Solana (CRYPTO:SOL) followed closely, moving from $102 to $159 per coin, holding the fifth spot.

Meanwhile, USD Coin (CRYPTO:USDC) expanded its market cap from $24.47 billion to $34.81 billion, securing its position as the sixth-largest crypto asset.

XRP (CRYPTO:XRP), which started the year in sixth place, has now slipped to seventh, with its price holding steady at $0.61 per coin.

Dogecoin (CRYPTO:DOGE) moved into the eighth position, up from $0.089 to $0.112 per token, overtaking Cardano (ADA), which now ranks tenth.

Toncoin (CRYPTO:TON) made a significant leap, climbing from 16th place to ninth, with its value rising from $2.27 to $5.63 per TON.

The crypto market has seen notable shifts in rankings, with some coins falling out of the top ten and new contenders emerging.

At the beginning of the year, the top ten cryptocurrencies were collectively valued at $1.378 trillion, and by August, their combined worth had soared to approximately $1.976 trillion.

At the time of reporting, the Bitcoin (BTC) price was $64,136.13.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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