The cryptocurrency market experienced strong growth between February 1 and 8.
Bitcoin led overall growth, with Dogecoin and Ethereum leading the pack for altcoins
These gains are the result of a wave of “bullish” news that has sparked record optimism in the market.
The past week has been marked by record gains for the entire cryptocurrency market. As the total market capitalization hits $ 1.3 trillion, BeInCrypto analyzes five of the best tokens on the market from the last week.
The total cryptocurrency market cap reached a record high of $ 1.33 trillion at the end of the week of February 1-8. Having started the week at $ 1.17 trillion, this represents an increase of 13.68%, one of the strongest one-week gains in market history.
Additionally, the total trading volume in the market (24h) stands at $ 196.7 billion at the time of writing, which is the highest level ever recorded in a single day this week.
BTC is up 30.4% this week, according to data from CoinGecko
The market’s leading cryptocurrency has seen its market capitalization climb to over $ 803 million as it approaches the $ 1,000 billion mark.
February 8 was marked by its highest single-day trading volume, reaching $ 73.3 billion at the time of writing. This rally follows a series of bullish headlines for BTC, including global BTC futures which have hit record highs.
More recently, an application filed with the U.S. Securities and Exchange Commission on February 8 showed that Elon Musk’s Tesla bought $ 1.5 billion worth of BTC this year.
The cryptocurrency’s second token, ETH, rose 30% this week, hitting a new high of $ 1,763.96. Additionally, for the first time in its history, the rally increased its market capitalization to over $ 200 million.
This makes this figure even more valuable than that of Wall Street giants such as Wells Fargo, Morgan Stanley and American Express. However, Ethereum’s bullish performance also skyrocketed network fees, with gas prices sometimes exceeding $ 70.