We are witnessing the crypto market at an all-time high as the revolutionary new asset class has crossed $3 trillion+ or $3,116,398,595,921 (to be very precise!) in the combined market cap and shows no signs of stopping. This new bull run has come amidst the most bullish environment for cryptocurrency and blockchain tech, fueled by the distrust in the traditional financial system and a flurry of mainstream companies advancing to build upon this new terra!
All major cryptocurrencies are showing solid gains in the top ten list. Bitcoin has hit a new all-time high of $69,000, a short while ago. Ethereum has also hit a new all-time high of $4,878 and the leading smart contracts platform is poised to gain further, augmented by the EIP1559 burning and record-breaking block space usage.
Binance Coin, Solana, and Cardano have also posted double-digit gains, over the past week and are in the process of creating a new ATH in price. The crypto market is incredibly bullish and somehow the top gainer’s list on CoinGecko shows a lot of meme-coins advancing multiple x’s over the last few days. One of the horsemen of the topocalyse? We simply don’t know.
The decentralized Finance (DeFi) side of the crypto market is showing a similar story as the alternate financial system has hit a new record for the total value locked at $113.66 billion! With Maker still at the top and dominance ranging around 17.57%, the DeFi market has grown to be more saturated than having a few dominant protocols, commanding most of the TVL.
Maker, Curve Finance and Aave have $19.97 billion, $16.92 billion, and $14.99 billion TVL locked respectively. There are some new entrants amongst the old ones, at this point. Besides the widely known Compound, Uniswap. Yearn Finance and Sushiswap sitting at $12.51 billion, $8.29 billion, $4.97 billion, and $5.01 billion TVL respectively. The new entrants InstaDApp, Convex Finance, and Liquity have shown impressive growth.
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Crypto Market Crosses $3 Trillion, DeFi Hits Record $113 Billion