This week saw record gains across the board for the cryptocurrency market. As the total market capitalization hits $1.3 trillion, BeInCrypto breaks down five of the biggest market movers from the previous week.
The total cryptocurrency market capitalization reached a record-breaking $1.33 trillion as the week Feb. 1 – Feb 8 comes to an end. Having started the week at $1.17 trillion, this represents an increase of 13.68%, one of the largest single week growths in the market’s history.
Moreover, the total market trading volume (24h) sits at $196.7 billion at press time, the highest recorded in a single day this week.
- Bitcoin (BTC): +30.4%
- Ethereum (ETH): +30.0%
- Aave (AAVE): +67.7%
- Dogecoin (DOGE): +111.4%
- PAID Network (PAID): +455.9%
BTC is up 30.4% this week, according to data from CoinGecko. The market’s top cryptocurrency saw its market capitalization surge to over $803 million as it closes in on the $1 trillion mark.
Feb 8. saw the largest single-day trading volume, reaching $73.3 billion at press time. The rally follows a series of bullish headlines for BTC, including aggregate BTC futures hitting record highs.
More recently, a filing made at the U.S. Securities and Exchange Commission on Feb 8, showed that Elon Musk’s Tesla bought $1.5 billion worth of BTC this year.
Cryptocurrency’s second token, ETH, rose 30% this week, setting a new all-time high of $1,763.96. Moreover, the rally sent its market capitalization to over $200 million for the first time in its history.
This makes the number even more valuable than Wall Street giants such as Wells Fargo, Morgan Stanley, and American Express. However, the bullish performance also sent the network’s fees skyrocketing, with gas prices exceeding $70 at times.
For the Decentralized Finance (DeFi) space, AAVE took the lead, with Total Value Locked (TVL) soaring to $5.61 billion at press time, from $3.87 billion on Feb 1.
This represents an increase of just under 45%, giving it the second-highest TVL according to data from DeFi Pulse. The token also set a fresh all-time high on Feb 5., breaching the $500 mark, reaching $536.96.
In total, AAVE grew a staggering 67.7% this week. AAVE now ranks 14th by total market capitalization.
Without a doubt, DOGE, cryptocurrency’s resident meme-coin, was the top cryptocurrency on everyone’s watch-list. The token grew 111.4% since the start of the week, setting a fresh all-time high of $0.083.
Its rally was triggered by a flurry of endorsements from top celebrities, including its honorary CEO, Elon Musk. Recently, Musk commented in a video that it would be ironic if the canine-themed coin became the most adopted crypto.
Finally, this week’s top gainer was PAID. The network’s resident token saw a 455.9% gain after initially launching on Jan 26. The token, which can currently only be traded on a Decentralized Exchange (DEX) like Uniswap, climbed to a height of $4.82 on Feb 7., after being released at just $0.84.
PAID network is a borderless business-to-business payments and contracts platform, built on the Polkadot (DOT) network.