After dropping below £1.48 trillion in mid-January, the crypto economy has regained its footing. According to statistics, the combined value of all 12,440 coins traded on 544 crypto exchanges is £1.54 trillion, up 5.2% in the last 24 hours.
The value of digital currencies has surged dramatically in the last week, pushing the aggregate value of the crypto-economy northward. Following the January market crash, more than £369 billion has already returned to the crypto economy. The total worth of all cryptos in existence on January 24, 2022 was roughly £1.11 trillion. Since then, the crypto economy has increased by more than 36%, reaching £1.54 trillion on February 7, 2022. As bitcoin (BTC) enjoys a market capitalisation of 39.4%, ethereum (ETH) has a market capitalisation of 17.9% of the £1.54 trillion crypto economy.
Ethereum classic (ETC), decentraland (MANA), gala (GALA), leo token (LEO), mina (MINA), near (NEAR), osmosis (OSMO), quant (QNT), shiba inu (SHIB), and zcash (ZEC) were among the coins that helped lift the crypto economy’s worth above £1.48 trillion. In the last seven days, these tokens have risen anywhere from 30.3% to 95.3% in value against the US dollar.
The value of privacy coins increased by 3.8% over the last day, while smart contract platforms increased in net value by 3.3%. The value of meme currency assets increased by 11.8% in 24 hours, with gains ranging from 7.1% to 24.1% for dogecoin and shiba inu. Furthermore, the total value locked (TVL) in defi protocols increased by 2% in the previous day, rising to £163 billion on Monday morning. Ethereum’s defi TVL has a 61.17% share of the entire value locked, or £99.68 billion.
While the crypto industry has grown to almost £1.48 trillion, as several tokens have witnessed big gains and the TVL in defi has increased, NFT sales have fallen this week. Over the course of the week, £715 million was spent on 1,449,578 transactions by 309,418 dealers. The NFT sales metric is down 7.83% from the previous week. Interestingly, Solana NFT sales have jumped 5.69% and Avalanche NFT sales have gone up 36.34%.
With a combined value of £1.48 trillion, the worth of all 12,440 coins would be more than Saudi Aramco’s (Tadawul: 2222) £1.46 trillion market capitalisation, which is the fourth most valuable global asset.
