Crypto market cap touches $3rtn 

The combined market capitalization for all cryptocurrencies reached $3trn on Monday for the first time ever as Bitcoin, alongside a swath of altcoins, reached record highs.

For context, crypto is now around the same size as the UK economy.

First of all, Bitcoin climbed above $66,000 early on Monday morning, an all-time high for the leading cryptocurrency.

Digital gold surpassed the respective market caps of Facebook and Tesla, becoming the sixth largest asset in the world.

Bitcoiners have been talking up the prospect of a continued upwards surge all morning.

Then there is Ethereum which tagged $4,700, also a record high for the second largest cryptocurrency.

The continued anticipation around a move to proof-of-stake is causing demand for the crypto, in addition to the “continuing burning supply”, according to Freddie Evans of digital asset broker GlobalBlock.

Interestingly, despite Bitcoin’s huge gains over the past couple of years, its market dominance has been diminished by over 40%.

Having seen its share of crypto as high as 70.8%, other cryptos, including Ethereum, Solana and Polkadot have been growing in popularity, highlighting the increasing diversity within the sector.

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