The crypto market is experiencing a sharp correction after approximately US$840 million was liquidated this week, draining nearly US$400 billion from the market.
Data from Coinglass (previously known as Bybt.com) shows at least 78,358 traders were liquidated in a span of just 24 hours. The largest single liquidation occurred on Bybit – ETH/USD, US$3.1 million.
ETH holders were by far the most affected compared to other cryptocurrencies such as BTC, which in 24 hours had a total of 1.13k BTC ($68.14 million) liquidated across most exchanges.
Most Currencies in the Red – Bitcoin Retests 58K Support
Liquidations were triggered when BTC plunged over 10 percent this week, dragging most of the market with it. Altcoins such as Binance Coin (BNB), Cardano (ADA), Solana (SOL), and Dogecoin (Doge) were in the red by double digits as well.
Many say the drop is due to the $1.2 trillion infrastructure bill that US President Joe Biden signed into law on November 15. The bill is embedded with various crypto tax provisions for entities considered “brokers” by US law, even if they aren’t, such as node validators. The unclear and biased language caused outrage in the crypto community, with many industry leaders calling for opposition of the bill.
Going back to Bitcoin, the daily RSI pulled back to 40k levels but the price is currently hovering above 60k, though a further drop is expected in coming weeks.
Compared to previous dips, this one represented only 12 percent off its all-time high (ATH), but the emotional reaction appears to be much more intense. Back in September, BTC retraced -25 percent before jumping to new ATHs.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Binance Coin (BNB)
Binance BNB is the biggest cryptocurrency exchange globally, based on daily trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of world financial activity. Aside from being the largest cryptocurrency exchange, Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and Research projects, which all employ the powers of blockchain technology to bring new-age finance to the world. Binance Coin is an integral part of the successful functioning of many of the Binance sub-projects.
BNB Price Analysis
At the time of writing, BNB is ranked the 3rd cryptocurrency globally and the current price is US$627.61. Let’s take a look at the chart below for price analysis:
After a 60% decline from August to September, BNB has ranged between $651 and $512.
The recent rally is approaching probable resistance near $671 but could be aiming for stops above the relatively equal highs near $667. Continuation of the bullish move could target the daily gap near $677.
Aggressive bulls might add to positions near $615 and $608. Price action near A$590 may be more likely to provide support – if it gets there – during any retracements.
Relatively equal lows clustered around $586 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near $578.
2. Alpha Finance (ALPHA)
Alpha Finance Lab ALPHA is a cross-chain DeFi platform that looks to bring Alpha to users across a variety of different blockchains, including Binance Smart Chain (BSC) and Ethereum. The platform aims to produce an ecosystem of DeFi products that address unmet needs in the industry while remaining simple to use and access. ALPHA is the native utility token of the platform. Token holders can earn a share of network fees by staking ALPHA tokens to cover any default loans. Other use cases for the token include liquidity mining and governance voting.
ALPHA Price Analysis
At the time of writing, ALPHA is ranked the 150th cryptocurrency globally and the current price is US$1.15. Let’s take a look at the chart below for price analysis:
APLHA‘s massive May spike retraced near $0.5233 into the consolidation that began the impulse before bouncing to $0.7365.
This consolidation could provide support again, although bears would first have to push the price through possible support near $1.06. The market’s structure may be shifting bearish, with $1.29 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near $0.9243 before finding support near $0.8190.
However, the bullish higher-timeframe trend might prevail, with relatively equal highs near $1.34 potentially giving an attractive target to lure the price over the monthly open. If so, the price could reach the midpoint near $1.48.
3. Loopring (LRC)
LRC is the Ethereum-based cryptocurrency token of Loopring, an open protocol designed for the building of decentralised crypto exchanges. Loopring’s purported goal is to combine centralised order matching with decentralised on-blockchain order settlement into a hybridised product that will take the best aspects of both centralised and decentralised exchanges.
LRC Price Analysis
At the time of writing, LRC is ranked the 46th cryptocurrency globally and the current price is US$3.27. Let’s take a look at the chart below for price analysis:
LRC lifted off last week, with the impulse sweeping the new swing highs into resistance up to $3.72.
If the price retraces now that it has taken highs, aggressive bulls could look for entries at the recently broken resistance between $3.14 and $3.00. A deeper retracement that fills the gap down to the monthly level at $2.80 provides a better entry, with any quick drops near the monthly open at $2.58 providing the most favourable entries.
Continuation through the current resistance around $3.35 is likely to explode through the remaining daily highs stacked up to $3.56. There’s no telling how far the price could go beyond these new all-time high prices.
Duration: 6-week course From: November 15 to December 22 Date/Time: Twice a week, Mon and Wed at 7pm AEST Location: Zoom webinar
Where to Buy or Trade Altcoins?
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Binance Coin (BNB)
Binance BNB is the biggest cryptocurrency exchange globally, based on daily trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of world financial activity. Aside from being the largest cryptocurrency exchange, Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and Research projects, which all employ the powers of blockchain technology to bring new-age finance to the world. Binance Coin is an integral part of the successful functioning of many of the Binance sub-projects.
BNB Price Analysis
At the time of writing, BNB is ranked the 3rd cryptocurrency globally and the current price is A$756.11. Let’s take a look at the chart below for price analysis:
After a 61% decline from August to September, BNB has ranged between A$668 and A$495.
The recent rally is approaching probable resistance near A$795 – but could be aiming for stops above the relatively equal highs near A$848. Continuation of the bullish move could target the daily gap near A$904.
Aggressive bulls might add to positions near A$735 and A$718. Price action near A$709 may be more likely to provide support – if it gets there – during any retracements.
Relatively equal lows clustered around A$697 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near A$680.
2. Elrond (EGLD)
Elrond EGLD is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralised finance, and the Internet of Things. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency, and a $0.001 transaction cost. The blockchain has a native token known as eGold, or EGLD, that is used for paying network fees, staking, and rewarding validators.
EGLD Price Analysis
At the time of writing, EGLD is ranked the 40th cryptocurrency globally and the current price is A$365.17. Let’s take a look at the chart below for price analysis:
EGLD‘s 45% retracement from its September highs set a low near A$309 during its consolidation that began in mid-October.
Relatively equal highs near A$369 could be the current target if the price breaks through resistance beginning near A$376. Bullish continuation might reach through the next significant swing high near A$387 into the daily gap near A$398.
If bullish strength continues, the zones just below the monthly open near A$405 and A$415 could halt any retracement.
A bearish shift in the market might seek the relatively equal lows near A$361 into possible support near A$357. If this down move occurs, the swing low near A$350 and possible support near A$342 may be the primary objective.
3. Flow (FLOW)
FLOW is a fast, decentralised and developer-friendly blockchain, designed as the foundation for a new generation of games, apps, and the digital assets that power them. Flow is the only layer-one blockchain originally created by a team that has consistently delivered great consumer blockchain experiences: CryptoKitties, Dapper Wallet, NBA Top Shot. The FLOW token (“FLOW”) is the native currency for the Flow network and the keystone for a new, inclusive and borderless digital economy.
FLOW Price Analysis
At the time of writing, FLOW is ranked the 46th cryptocurrency globally and the current price is A$19.37. Let’s take a look at the chart below for price analysis:
After retracing nearly 80% from its August high, FLOW set a low near A$16.43 as it formed its current range.
Last week, the price swept highs near A$20.72, which now also marks the November monthly open. Relatively equal daily highs near A$22.36 provide a reasonable target, although resistance beginning near A$23.09 could cap the move. A break of this resistance is likely to target the swing high near A$25.81 into higher-timeframe resistance beginning near A$27.19.
The current area near A$18.50 could provide support, although bulls may be more likely to buy near the price fractal near A$17.42 if a retracement reaches this level. A break of this area could continue down to sweep the June low near A$14.95 into possible support beginning near A$13.09.
Where to Buy or Trade Altcoins?
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
Binance, one of the world’s leading crypto exchanges, has announced the biggest funding program of its kind for the cryptocurrency industry. The US$1 billion Binance fund will help expand the Binance Smart Chain (BSC) ecosystem and advance the mainstream adoption of blockchain technology by the financial industry overall.
With collaborations from industry-leading organisations, the investment fund will target scaling blockchain technology for real-life use cases and will bridge the gap between crypto-blockchain and the current technical-financial sectors.
Binance stated its mission was to disrupt financial infrastructures by allocating half the new fund to its Investment Program, which will focus on growing decentralised computing, gaming, metaverse, virtual reality, artificial intelligence and financial services.
BSC will not be the only blockchain supported, consistent with previously voiced ambitions from the company. As Binance CEO Changpeng “CZ” Zhao, who has frequently said in interviews “there is room for everyone”, tweeted yesterday:
The fund will be allocated across four different sectors:
US$100 million for Talent Development: mentoring developer communities, educating new crypto investors, providing academic scholarships to universities, running boot camps and supporting R&D on cutting-edge blockchain innovations.
US$100 million for Liquidity Incentive Program: multiple programs to encourage participation from traditional financial markets and crypto, targeted to developing compliant relationships between investors and emerging digital asset markets.
US$300 million for Builder and Incubation Program: $100 million to conduct regional and global hackathons, run developer conferences, and support existing mainstream development programs; $200 million to incubate 100 innovative dApps.
US$500 million for an Investment Program: to accelerate mainstream adoption and bring disruption to financial infrastructures.
It's time to accelerate #BinanceSmartChain's journey towards scaling and mass adoption 🚀
We're announcing the biggest growth fund in the history of crypto – the $1 billion fund to push the adoption of not only BSC but the whole blockchain industry. 👇https://t.co/lkTHmp8fRm
THORChain has been once again schooled by hackers who managed to take a further US$8 million in this latest attack, bringing the total losses to US$13 million for the month. The cross-chain crypto token exchange platform manages US$100 million in funds.
The “helpful” hackers were kind enough to leave a note explaining THORChain’s weaknesses and cautioned that the result could have been far more damaging had they gone for the vault (BTC, ETH and BNB). They added:
THORChain stated that a hacker (or hackers) deployed a custom contract that was able to trick its Bifrost Protocol into receiving a deposit of fake assets, duping the network to mistakenly process refunds of real assets back to the hacker. The breach was a highly “sophisticated attack” and the hacker has requested a bounty of 10 percent of the funds stolen for services rendered.
The network has responsibly ceased operating until the code can be reviewed and deemed secure before launching again. A harsh and expensive lesson, perhaps, but events such as this are part and parcel of DeFi (decentralised finance) as the space is still in its infancy in the untamed wild west.
The THORChain team underestimated the attack surface of having a router.
Mistakes were made, funds have been lost. The team take full responsibility here.
— THORChain #BRINGBACKMCCN (@THORChain) July 24, 2021
There were really only two options. Launch and accept the risk of issues, or not launch and stay in the 90 percent complete audit-review cycle for another six months. Both are difficult.
Thorchain spokesperson
Earlier this month, THORChain lost US$4.9 million in Ethereum drained in a previous attack. Daniel Kim, head of capital markets at Maple Finance, said: “There’s a constant battle for these smart contract securities firms to keep up with hackers. That said, the DeFi industry is still nascent … these issues lead to solutions.”
The price of $RUNE fell 17 percent on the day as a result. It had been trading as high as US$20 in May, though the current value is bouncing around the US$4 mark, down over 80 percent from its peak.
Almost $400 million worth of tokens have been burned in Binance’s 16th quarterly BNB token burn, as per the whitepaper.
In summary: 1,296,728 #BNB (390,855,150 USD) burned by @Binance.
The remaining 16m BNB unlocked, and moved to a team address, according to the schedule in the white paper.#Binance team has never used or sold a single team #BNB thus far, only burned them.
What Is Token Burning and What Are the Implications?
Binance’s quarterly burn is a deflationary mechanism. Every three months it destroys coins to ensure the asset remains scarce and help the price of BNB go up. Currently, the value of burned coins is equal to 20 percent of Binance’s profit during the previous quarter.
The burn included 5,163 BNB as part of the Binance “Pioneer Burn Program”, where the exchange aims to compensate users who mistakenly lost their BNB by accidentally sending them to smart contracts from which the tokens cannot be recovered.
BNB is the fourth-largest digital asset, with a market capitalisation of roughly US$47.5 billion.
Nevertoolavish, a “custompreneur” based in Jakarta, has made limited-edition hand-painted sneakers for crypto enthusiasts.
Although many custom pairs of kicks are simply colour changes, some are made by artists who change plain white into elaborate designs and dreamy sketches – or into crypto fashion statements.
Aside from these BNB-themed shoes, custom AF1s are available for fans of Bitcoin, Dogecoin, Cardano and others. A pair of these will set you back around 445 AUD (excluding shipping and other fees) according to the product page on Tokopedia (only for Indonesian customers).
For those international customer (outside Indonesia) interested on Crypto AF1 please DM us, there're several following steps 🙏🏻
As mentioned on Twitter, international customers have to inquire Nevertoolavish directly. However, their Twitter profile cannot be direct-messaged so you might need to contact them via WhatsApp (numbers provided on Twitter profile). There is also a LinkTree page with more resources.
Not Only Shoes, NFTs Too
In addition to selling custom shoes and other clothing items, Nevertoolavish also sells NFTs, created through the same thought process used to give solid colour shoes a fresh coat of paint.
Although crypto fashion has been around for a while, it’s mostly been limited to virtual pieces. There have also been notable exceptions, however, such as SwapPay – an Aussie Cryptocurrency for Fashion made specifically for the fashion industry. Some big brands seem to be aware of this niche, indeed Nike holds a patent for blockchain-based sneakers.
Now, however, you can show your love for crypto by wearing an eye-catching fit.
Following on from my article about 5 Crypto Coins That Could Have a Great 2021, I’ve had a lot of questions lately about what cryptos I like at the moment. So here is the shortlist, and the reasons why I like them.
Disclaimer: Before you continue reading, please note that I am not a financial advisor, nor do not recommend you buy any of these cryptos mentioned below. I also change my positions constantly and may or may not be holding these coins. This is just a list of those coins which I like at the moment and providing some commentary for educational purposes only to help people learn about these exciting projects.For the latest coin prices see the cryptos page.
BTC is the first cryptocurrency and the godfather driving the market. Over the years, I’ve learned that it is foolish not to have some BTC in the portfolio, because it tends to act independently to the other cryptocurrencies. What percentage of BTC of the total portfolio is totally up to you, something around 50% is not unusual to see.
With its inelastic supply and growing demand, it’s hard not to see continued upside as it averages around 200% per year over the past 10 years. We’re also seeing lots of institutional money flowing into BTC as big companies add BTC to their balance sheets as a “hedge” and “store of value”.
I would also say that there is also speculation that BTC may eventually replace the US Dollar and become unit of account for the worldwide economy. Could we be comparing the price of goods in Satoshi’s in future years to come?
While Bitcoin is seen as a “store of value”, Ethereum is powering the new crypto economy. Bitcoin currently has scaling and environmental issues while Ethereum is quickly evolving to address those issues.
As a computer programmer myself, as soon as I heard “Ethereum is programmable money”, my eyes opened wide and I saw the potential of cryptocurrencies for the future of the economy.
Ethereum has some very promising use cases especially with Decentralised Finance (DeFi), Non-fungible Tokens (NFTs), and Decentralised Exchanges (DEXs).
Compared to Bitcoin’s 200% average return per year, Ethereum has averaged 400% per year so far and is on target to outperform BTC once again this year.
Binance has evolved into a worldwide cryptocurrency exchange juggernaut since it started in 2017. At the moment, it is the easiest and best place to do your crypto trading. Before it came along, other platforms were terrible and hard to use with high fees.
They are also starting to expand their services into other markets such as DeFi with Binance Smart Chain, crypto loans, and crypto debit cards coming to Australia later this year.
It’s crazy to think that BNB was only $2 back in 2018 and now it is over $600. I can only see upside for Binance as their ecosystem expands rapidly as they buy up big companies such as CoinMarketCap and are set to Acquire 20-30 Crypto Startups Yearly.
Chilliz launched in 2020 to power the new sports fan token economy. These tokens act like a royalty program for fans and also can provide other benefits such as voting, connecting fans directly with clubs and players.
Since launching, CHZ has already increased over 7,000% in price and I can only see more upside for the project. My research into this coin revealed that there are currently no major competitors in the space. Their business model also looks quite clever, as they list new tokens (like in the case of UFC) on pre-sale, then the coin is actually added once the partnership is officially approved.
As clubs see the potential to raise funds through this new revenue stream, they will launch their tokens and form partnerships with Chilliz and Socios as a way to not only raise funds but engage with their fans. We’ve already seen big football clubs join such as Manchester City, Barcelona, Juventus and other sports such as UFC and Formula 1.
Chainlink is a project that connects real-world data with blockchain data. As a computer programmer, I can see the power of this technology and the need for timely, accurate, and trusted data.
Moving forward I can see a huge demand to sync the real world and the virtual world. This could be something simple like a weather forecast, or more complicated like tokenized partial ownership of real estate.
Together with this and its exceptionally regarded oracles that manage the security and integrity of the network it can only be a very strong “middleman” for the further advancements of blockchain and decentralized finance.
Basic Attention Token is a decentralized platform built on Ethereum. It rewards you for your attention, if you see an ad, you get paid in BAT through the Brave Browser.
The utility of rewarding people for their attention is quite a powerful concept, especially if you are shown the ads your interested in.
The project is currently advancing by developing a DEX (decentralized exchange) which should add tremendous value to the project’s already 3 million monthly users.
Theta is one of the leading projects that is providing decentraliszed bandwidth through peer-to-peer networking. Other features of Theta include Decentralised Video Streaming, Staking, Theta TFUEL, Guardian Nodes, CDNs, Voting, and more.
As more adoption comes to cryptocurrencies and blockchain, one would assume we will need more bandwidth to support scaling worldwide. Theta software was also included in the new Samsung Galaxy S20 smartphones to assist with video streaming and rewarding watchers with TFUEL tokens.
The hypothesis is that as crypto usage grows, then Theta adoption should grow with it.
Cardano is a decentralized blockchain platform, similar to Ethereum. It’s already a proof-of-stake platform which is more environmentally friendly and has implemented further unique scaling technology.
The QTUM project is a decentralized platform and blockchain similar to Ethereum. Its purpose is not to compete with Bitcoin and Ethereum, but to bridge the gap between them helping scale transactions at low cost.
The project is heavily committed to DeFi and supporting DeFi projects offering $1 million dollars in rewards to developers who build applications using the Qtum blockchain.
Personally, I think Decentralised Finance (DeFi) is going to be a huge disrupt to how we currently do finance worldwide. Frameworks like Ethereum and Qtum, which support DeFi projects can only have an upside in the future as they contribute to the rise of DeFi.
Ripple (XRP) is a cryptocurrency platform and blockchain similar to Ethereum. The project is attempting to become the facilitator for global payments between financial institutions.
XRP has had both good and bad press over the years. Initially, the sentiment was very bullish due to the rumors that banks may use it for liquidity and large global transactions. However, since then, it has been involved in lawsuits lessening its appeal.
Recently they announced plans for Ripple To Go Public After Lawsuit Settlement which has shed some light that there may be some potential for a comeback in sentiment. After running crypto news for the past few years I’ve seen that the 2 most popular coins in Australia are DOGE and XRP.
Dogecoin (DOGE) started as a joke when a developer cloned Bitcoin’s code and stuck a dog meme as the logo, back in 2013. Since then it has gained tremendous popularity and it seems you can’t go a single day without seeing that cheeky dog face.
I generally don’t invest in “jokecoins”, also referred to as “shitcoins” that have little to no utility. However, DOGE is an exception, due to its strong social appeal. Its “meme value” is so high within the crypto community and this provides free marketing for the coin.
Back in 2017, I underestimated the power of social media when DOGE was only $0.00023, and this year it almost reached $1 earlier this year – that’s over 400,000% gain in just 3-4 years.
As the crypto market grows and more people join in the frenzy, DOGE could be the one they buy as a speculation. However, I think it will only end badly for those people buying DOGE at all-time high prices, when the market turns, the shitcoins could drop to nothing, only the quality projects will survive long term.
Conclusions
It’s crazy how back in 2016 the prices were so low compared to now. I wonder if we will be shocked again in another 4-5 years from now…
If you’re interested in buying any of these coins then head over to one of our trusted Partners: CoinJar, Swyftx, or Binance to get started. You can compare the exchanges here.
Crypto prices and market caps, 2016 (left) vs 2021 (right) [CoinMarketCap]
A lot has changed in the cryptocurrency market over the past five years. There have been many coin ranking reshuffles, with massive growth in the global market capitalization as more people got to know and invest in digital currencies.
Back in 2016, the top-ten digital currencies by market capitalization (according to data from CoinMarketCap) and their corresponding prices were:
At the time, Bitcoin was only a three-digit price cryptocurrency ($455 USD), with a total market valuation of $7.075 billion USD. Also, Ethereum was less than $10 USD, while XRP traded around $0.006 USD, according to data from CoinMarketCap.
Crypto prices and market caps, 2016 (left) vs 2021 (right) [CoinMarketCap]
As of May 2016, the global cryptocurrency market capitalization was $8.449 billion USD.
Crypto total market capitalization [CoinMarketCap]
The Crypto Market is up by Over 29,000% Since 2016
Fast forward to today, the crypto market has seen immense growth of over 29,000 percent in the market cap – in other words, more than 290 times. The total valuation of global cryptocurrencies now sits around $2.47 trillion USD compared to $8.4 billion USD cap in the past five years. This follows the wake of more retail and institutional investors.
The leading cryptocurrency Bitcoin (BTC) saw over a 12,300 percent increase from 2016 to date, with a market capitalization of over $1 trillion USD. This means that a $100 USD investment in BTC over the past five years would be worth more than $12,000 USD in today’s value. At the same time, the second-largest cryptocurrency Ethereum (ETH) surged by over 41,000 percent, which is a much higher return compared to Bitcoin.
Some of the top-ten coins in 2016 are no longer ranking high on the list today, including DigixDAO and FedoraCoin. It remains to be seen how the list will change in the next five years. Do you think Bitcoin and Ethereum can be overthrown by the likes of Binance Coin (BNB) or even Dogecoin (DOGE)?
While BTC faces tough resistance, the altcoin market has been mostly bullish this weekend, with Ethereum achieving a new all-time high of $3,980 USD, maintaining a steady level between $3,800 – $3,900 USD.
Another great gainer was ADA, reached a new all-time high with a 14% gain after a sharp price drop, being traded at around $1.83 on many exchanges. The surge in price put ADA back on the fifth spot in the market according to CoinMarketCap, taking the spot of Tether (USDT). Now ADA seems to be aiming at testing the $2 psychological barrier if the bull run continues.
BNB gained over 10% in price in the last weeks, reaching $659 USD with a strong buying sentiment. If the bull run continues, the next target for BNB could be above $800 USD.
ETH vs BTC
After falling down to around $49k USD amid hashrate drops due to blackouts in China, Bitcoin recovered some of its market dominance, reaching $75k AUD on Saturday.
However, BTC failed to keep its upword trajectory, receeding to $72k AUD as the weekend trails away. At the time of writing, its price is hovering around $74k AUD.
Crypto Market Locking US$2.4 Trillion
Crypto Total Market Capitalization, 10 May 2021 [CoinMarketCap]
The total market cap added $60 billion this weekend, now sitting on a $2.46 trillion total market cap. The crypto market could experience a considerable boost if Citibank decides to add crypto-related services to its clients after seeing massive demand for crypto assets.
![Crypto Total Market Capitalization, 10 May 2021 [CoinMarketCap]](https://content.cryptonews.com.au/wp-content/uploads/2021/05/20210510-marketcap-1400x536.png)