By Samuel Indyk

Investing.com – This is the The price of hit a new record high on Monday morning, breaching $4,700 for the first time, following a weekend surge in major cryptocurrencies. The total market capitalisationAll cryptocurrencies are close to $3 Trillion.

Participate in the DeFi rally

This rally in Ethereum is due to a rise in demand for smart contracts and networks that offer decentralized finance (DeFi). Due to the large potential market and an increase in non-fungible tokens, there has been a boom of interest in Ethereum.

Sports associations such as the NBA in the US have already seized the opportunity and sell highlights as NFTs, while the English Premier League is reportedly considering offering a similar product to NBA’s TopShot.

Solana is now the fourth-largest cryptocurrency market cap by market value, with a 15 percent rally over the week. However, the price was slightly higher on Monday morning.

jumps

After a minor correction that occurred in the aftermath of last month’s launch, Bitcoin was relatively stable. ProShares Bitcoin Strategy ETF (NYSE) was launched at the same time as the record high Bitcoin price last month, just before it fell back to $60,000.

However, the record-setting high has been refocused by a spike this morning and weekend. Analysts suggest that higher inflation fears continue to be a problem for cryptocurrency prices.

The recent rise in crypto assets partly appears to be due to investors buying it, as an inflation hedge,” writes the author. Hargreaves Susannah Streeter, Senior Investment and Markets Analyst in Lansdown (LON). Some seem to be tempted by the idea that central bank’s massive monetary stimulus programs are fuelling inflation, which will lead to a decrease in the money value over time. However, Bitcoin is able limit the amount of coins that can be made.

Meme coins

Also, $3 trillion has been added to crypto’s total market cap due to the rise in cryptocurrency-based currencies. A market cap close to $40 billion was achieved earlier this year. Today the coin has risen by over 8 percent.

A dog-based cryptocurrency, the, saw an 800% increase in its October market cap to reach $40 billion. However, a decline last week caused by a ‘whale’ moving coins to various wallets led to a correction as some speculate the holder may want to realise some profits from the holdings.