After their impressive performance throughout the entire 2020, digital coins continued growing strongly in the first weeks of 2021.
According to data presented by Finaria, the combined market capitalization of Bitcoin, Ethereum and Tether, as the top three cryptocurrencies, jumped by 45% in a month and hit over $735bn in the last week of January.
Ethereum Market Cap Surged by 111% Between December and January
The year 2020 has witnessed an impressive growth of the entire cryptocurrency market, with digital coins performing as a store of value in times of crisis. In December, the combined market cap of Bitcoin, Ethereum and Tether, as the three leading cryptocurrencies, rose to $511.5bn, a 235% increase year-over-year, revealed the CoinMarketCap data.
However, the first few weeks of 2021 witnessed a surge in the price of the top three digital coins, with their combined market cap increasing by $228bn by the end of January.
Statistics show the market cap of the world’s leading cryptocurrency, Bitcoin, jumped by 35% in a month and hit $565.7bn last week.
However, Ethereum witnessed the most impressive market cap growth in the first weeks of this year. The price of the world’s second-largest crypto coin soared in January, adding almost $77bn to its market value, a 111% jump in a month. Statistics show that the Ethereum market cap stood at $145.6bn last week.
The combined value of all Tether coins has jumped by 27% since December, reaching $25.2bn in the last week of January.
Daily Trading Volume hit an All-Time High
Besides impressive growth in their price and market cap, the world’s leading cryptocurrencies’ daily trading volume also spiked in January, reaching an all-time high.
After peaking at $106.6bn on January 12th, Bitcoin‘s daily trading volume stood at $78bn at the end of last week, almost a 20% increase in a month and a 168% jump year-over-year.
The CoinMarketCap data show Ethereum hit an all-time high on January 4th with $59bn in daily trading volume. Although this figure slipped to $39.6bn last week, it still represents a 20% jump in a month and a 232% increase year-over-year.
Statistics show Tether was the most-traded cryptocurrency last month, with $108.6bn in daily trading volume last week, an 11% increase in a month.