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Green cryptocurrency market with capitalization hitting monthly high of $2,3 trillion

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On Thursday morning, the cryptocurrency market remained in the green, briefly reaching a monthly high of $2,3 trillion, the highest since September 7, precisely a month ago.

Currently, the total value of the cryptocurrency market is $2,28 trillion, representing an increase of 4,57% from the previous day.

Additionally, overall cryptocurrency market volume over the past 24 hours increased by $144,33 billion, reflecting an increase of 13,67%. Meanwhile, the 24-hour DeFi volume is 12,72% of the total volume of the cryptocurrency market, while the combined volume of all stablecoins is $113,40 billion, or 78,5%.

In this article, we will discuss:

Bitcoin price

By comparison, on Thursday morning, the Bitcoin price (BTC) has stabilized below the $55.000 mark, pushing Tuesday and Wednesday's gains to a new high.

Currently, the main digital asset is trading at $54.119, up 5,35% in the last 24 hours and 25,98% in the previous seven days.

In fact, the cryptocurrency is about $11.000 from reaching its all-time high, and if the BTC continues to make similar gains over the next seven days as it did the week before, it could soon be trading again near all high prices. of $64.863 which it reached on April 14, 2021.

As BTC continues to take new steps, the Total Blocked Value (TVL) on the Bitcoin Lightning Network continues to grow. In fact, the network has grown over 1.000% in one year, reaching $165 million in blocked BTC, with the total number of TVLs at 2.998 BTC as of October 7, 2021.

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Ethereum blockchain

Furthermore, the second largest cryptocurrency by market capitalization, Ethereum (ETH), is also trading in the green; the DeFi network is trading at $3.577,84, up 5,56% over 24 hours and up 21,02% over the past seven days.

Recently, it was discovered on October 7, 2021 that, for the first time in Europe, Auto1 FT, a German financial partner in the automotive sector, is using Ethereum's smart contracts to enable financing for car purchases.

The move aims to simplify its core vehicle financing business by getting rid of all paperwork. In addition to reducing expenses and errors, Auto1 FT will use technology blockchain because it is impenetrable and transparent and will utilize smart contracts during the financing process.

Global economy

Meanwhile, Bitcoin continues to prove robust in the face of traditional market volatility and impending regulatory scrutiny as the economic situation across the world continues to look uncertain as interest rates rise and financial markets increasingly more fragmented.

Ultimately, the epidemic has raised awareness of the potential of digital assets to combat social inequality, as the value of Bitcoin and other cryptocurrencies are intuitive for millennials and younger generations, while recent disruptions on Instagram and on Facebook they showed how dependent the world is on centralized services.

Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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