About 85 pc of world’s cryptocurrencies are not even worth a cent: Report
About 85 per cent of the world’s cryptocurrencies are worth less than one cent, according to a report on Monday.
For the first time, Bitcoin rallied past $82,000 boosted by President-elect Donald Trump’s embrace of digital assets.
On Monday, as of 10:21 a.m. in London, Bitcoin extended gains to hit an unprecedented $82,300 while on Sunday, the largest token climbed as much as 6.1%.
With a market cap of $1.16 trillion, Bitcoin now ranks among the top 10 global financial assets, surpassing major corporations like Visa.
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Post US election results, bullish sentiment lifted smaller coins too, including Dogecoin.
Notably, Bitcoin has added about 94% so far in 2024, helped by robust demand for dedicated US exchange-traded funds and interest-rate cuts by the Federal Reserve.
According to data compiled by Bloomberg, the ETFs posted a record daily net inflow of almost $1.4 billion on Thursday.
President-elect Donald Trump promised on the campaign trail to turn the United States into the crypto capital of the planet.
Trump was declared the winner in Arizona, marking a clean sweep of the seven US battleground states.
For the week, Coinbase shares jumped 48%, registering strongest performance since January 2023.
Coinbase was one of the top corporate donors in the election cycle, giving more than $75 million to Fairshake and its affiliate PACs, including a fresh pledge of $25 million to support the pro-crypto super PAC in the 2026 midterms.
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