Major coins rallied on Monday, with the global cryptocurrency market crossing the psychologically important $1 trillion mark. At press time, the market capitalization of all cryptocurrencies rose 7.9% to $1.03 trillion.
Price Performance Of Major Coins
Coin
24-hour
7-day
Price
Bitcoin (CRYPTO: BTC)
7%
11.4%
$22,288.86
Ethereum (CRYPTO: ETH)
16.1%
42.4%
$1,565.54
Dogecoin (CRYPTO: DOGE)
7.7%
10.4%
$0.07
Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency
24-Hour % Change (+/-)
Price
Ethereum Classic (ETC)
+40.6%
$27.4
Polygon (MATIC)
+27.35%
$0.97
STEPN (GMT)
+24.7%
$1.12
See Also: Best Crypto Debit Cards
Why It Matters: Among the major coins, Ethereum’s rise was more dramatic on Monday as it crossed the $1,500 mark for the first time since June 12. The second-largest coin by market cap shot up 17.2% intraday and is up 44.8% for the week.
Last week’s deployment of Shadow Fork 9 has ushered in the buzz around “The Merge” or Ethereum’s transition to the proof-of-stake protocol from its current proof-of-work model.
Martin Hiesboeck, head of blockchain and cryptocurrency research at Uphold, a cloud-based financial services platform, dismissed the recent rally in the Vitalik Buterin co-created coin as “hopium.”
“We believe that the switch to proof of stake was originally largely motivated by environmental concerns, at a time when there were no alternatives to Ethereum.”
“Now there are, and by and large, they offer a better value proposition than good old ETH. So while Ethereum changed the world and smart contracts …
Full story available on Benzinga.com