The crypto market cap reached new record highs this year, and the price of the first cryptocurrency rose above $44,000. Over the past seven days, the altcoin market capitalization grew by 10%, with BRC-20 tokens and meme coins showing the most active growth.

Altcoin Market Capitalization Increases Rapidly

According to CoinGecko, the total capitalization of the crypto market grew by 12.7% over the last seven days, reaching $1.68 trillion. The altcoin market gained more than 10% over the past week, rising to $823 billion.

The market’s most active growth fell on BRC-20 standard tokens based on Bitcoin Ordinals, whose cap reached $1.45 billion. The ORDI token showed the most impressive results. The coin’s quotes increased by 155% over the week and by 600% on a month-on-month basis. As of 10:00 (GMT+2), December 6, ORDI reached $51.37, climbing to $65.18. ORDI’s market capitalization reached $1 billion.

The BRC-20 standard was developed in April this year, allowing for “cryptocurrencies to be created” using the Bitcoin Ordinals protocol. This significantly expanded the scope of use of the Bitcoin network for non-financial transactions.

Meme coins also made a considerable contribution to the altcoin market growth. Their capitalization went up by 10% in the last 24 hours alone, reaching $23.5 billion. Here are the sector leaders’ quotes for the week:

  • DOGE is up 26% and trading at $0.102561;
  • SHIB is up 19% and trading at $0.00000991;
  • PEPE is up 47% and trading at $0.00000161;
  • BONK is up 87% and trading at $0.00000831;
  • FLOKI is up 29% and trading at $0.00004104.

The growth of the altcoin market and especially new ATHs of tokens based on Bitcoin Ordinals positively affected BTC. Its price for the last day rose by 5.5%, reaching $44,000 at one point. As of 10:00 (GMT+2), December 6, Bitcoin hit $43,833.

Earlier this week, the first cryptocurrency broke through the $41,000 mark, and macroeconomic changes and the next wave of speculation around spot Bitcoin ETFs, which are awaiting the SEC’s imminent approval, were named as the main growth factor.

Author: Nataly Antonenko
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