There has been an upheaval in the crypto market price in the last seven days. Bitcoin, the leading cryptocurrency, recorded an 11.6% growth in price, followed by Ethereum settling at 11.2 %. Other cryptocurrencies also recorded a profit. Binance Coin recorded 17.6%, Solana by 21.4%, Cardano by 17.2%, XRP by 15.7%, Polkadot by 5.7%, and Dogecoin by 3.6%
Another trillion dollars were added to already $2 trillion of the total market value of all cryptocurrencies in the world, which was crossed six weeks before. According to CoinGecko, the total market cap of the crypto market crossed the $3 trillion mark, scaling to $3.09 on Tuesday morning. On 6th April this year, the market cap crossed $2 trillion before declining to $1.2 trillion. It recovered again back to $2 trillion in the middle of August. After going through multiple corrections slipping the $2 trillion mark twice in September. However, the market cap steadily grew from 1st October in crypto price. Not only did cryptocurrencies like Bitcoin, Ethereum, Binance Coin, and Solana steadily grow, but there was also increasing interest in Dogecoin, Shiba Inu, and other meme coins.
The first Bitcoin Futures ETF approved by US SEC was also one of the factors for the recovery of cryptocurrencies. However, more and more users are joining and using non-fungible tokens and decentralized finance. Many investors are now backing cryptocurrencies in the recent past, as the mainstream is also adopting them. As a result, there was an inflow of $174 million last week in the form of cryptocurrencies, bringing the year-to-date inflows to around 8.9 billion, thus marking the 12th consecutive week of inflows which was much higher than in 2020, which recorded $6.7 billion.
Genezis Network founder and Crypto expert Ajeet Khurana told the Financial Express Online that approval of Future ETF by the US SEC gave a positive boost to the market, which was long overdue. Still, it is not the only factor for the recovery of the crypto market capitalization. He further stated that the price movement of Bitcoin is hard to predict, but it happens to steady itself at a particular level. Again shooting up with hardly any volume moment only to fall back, moving upwards and remaining flat. This characteristic is common to Bitcoin, supported by new participants joining the market. There is upper pressure when little money comes in, and when the little money exits, the market causes a fall in the market price.
According to the data given by CoinGecko in the last seven days, Bitcoin jumped 11.6% in price growth, with Ethereum jumping 11.2%. Other cryptos to follow suit were Binance Coin with 17.6%, Solana with 21.4%, Cardano with 17.2%, XRP with 15.7%, Polkadot with 5.7%, and Dogecoin with 3.6% by the time this report was filed. However, Shiba Inc is another cryptocurrency, but it comes under the meme coin category, recording nearly 160 % growth in the last week of October, becoming the eighth biggest crypto in the world. On the other hand, for the past seven days, Shiba Inc. has seen a 20% negative growth