The price of ethereum has hit a new all-time high on Monday, while dogecoin rebounded after SpaceX CEO announced that his firm would begin accepting payments in the meme-inspired cryptocurrency.
The price surges mean that the combined value of all cryptocurrencies is now greater than the market cap of Apple – the world’s most valuable company – at more than $2.5 trillion.
Bitcoin has also continued its recovery from the late April price crash, which saw it fall from around $65,000 to $48,000. It is currently trading at around $59,000 and has seen steady gains over the last few days.
Both ethereum and dogecoin have risen in price by more than a third since this time last week, while cardano (ADA) has also soared to new record highs in that time.
Not all major cryptocurrencies experienced week-on-week gains, with Ripple (XRP) falling by around 1.5 per cent over the last week.