The total value of the cryptocurrency market shot past $3 trillion Monday morning as the price of bitcoin and other major cryptos rose in a bull market.

The sector’s overall market cap rose by about 3.6 percent in the past 24 hours, pushing it above $3 trillion for the first time Monday morning, according to pricing data from CoinGecko.

The price of bitcoin swelled by more than 6 percent over the same period and was last seen trading at $65,931 per coin, just shy of its all-time high, which it notched last month.

At the same time, Ethereum, the second-largest cryptocurrency in the world, powered higher to a new all-time high above $4,700 per coin. The digital coin was up more than 2.5 percent over the past 24 hours.

The third- and fourth-biggest tokens, Binance Coin and Solana, fell over the past 24 hours but have posted huge rallies of more than 20 percent over the past week.

Ethereum hit a new all-time high above $4,700 per coin.
Ethereum hit a new all-time high above $4,700 per coin.

But the crypto industry is notoriously volatile, which is arguably much of the appeal for speculators who hope to predict massive price run-ups.

Last month, when bitcoin approached similar price levels, it quickly fell back a few thousand dollars per coin.

And before that, in April, the price of bitcoin reached close to its current price before seeing a major correction that slashed its value in half before it came roaring back.

SOURCE https://nypost.com/2021/11/08/crypto-market-passes-3-trillion-in-value-as-bitcoin-surges/