Topline

Though the price of bitcoin has fallen over the past week, the cryptocurrency market is still soaring to new highs as investors plow into a booming crop of altcoins—or bitcoin—alternatives, minting massive gains and echoing the cryptomania that led to a massive 80% market correction less than four years ago.

Key Facts

The cryptocurrency market hit a record-high market capitalization right above $2.5 trillion just before midnight Monday, reflecting more than $200 billion in added value over the past week despite bitcoin, which commands 44% of the market, falling nearly 1% over the same period. 

By market value, the biggest cryptocurrency gainer by far is ether, the world’s second-largest cryptocurrency, which has soared nearly 32% and added about $115 billion in market value since last Monday.

On Friday, JPMorgan attributed Ethereum’s “striking” rise to growing interest from institutions and at-home traders, citing developments like the world’s first ether exchange-traded fund debuting
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