Global cryptocurrency market value exceeds $3trillion for the first time

The world's global cryptocurrency market surpassed $3 trillion on Monday, reaching a new all-time high as the world's seven-largest crypto coins soared in value, according to Bloomberg.

Over the past seven days, the total market capitalization of cryptocurrency has jumped by 8.4%, and spiked by more than a quarter in the past month. The overall market cap soared 284% from $775 billion on January 1st.

During the previous week, the value of Binance Coin and Solana — the world's third and fourth-largest crypto tokens — have increased more than 20 percent, while the world's seven-largest coins have gone up over the last week.

The value of Bitcoin jumped 5.5% on Monday, reaching 66,339 and demolishing a prior record of $67,000, while Ether spiked by 3%, hitting an all-time high of $4,768.

The global cryptocurrency market has quadrupled from its value at the end of last year, given the increased interest from investors in the industry, non-fungible tokens and popular memecoins like Shiba Inu and Dogecoin.

That does not mean that cryptocurrency is not without concerns, particularly in light of its price volatility and memecoins' highly variable price fluctuations. Bitcoin also has a tendency toward market corrections that significantly cut its price, drawing alarm from investors. It is also not uncommon for scams, hacks, and other schemes to plague the market.

The current upsurge in Bitcoin's value has been driven by diverse factors, including the release of Bitcoin-linked ETF in the U.S. and Elon Musk's tweets.

On previous occasions when Bitcoin soared in value, it inevitably decreased by thousands of dollars.