Bitcoin, the world's largest cryptocurrency, rose half a percent on Monday to $60,937, having lost nearly 3 percent in the last seven days. The coin has risen over 110 percent this year, hitting a record high of $67,000 in October.

Meanwhile, the cryptocurrency market is fairly in the green, with Ether, the number two digital coin, rising over 1.5 percent. The coin had hit an all-time high of $4,400 last Friday. Binance Coin rose over 5 percent Monday and Cardano was trading flat, having lost over 11 percent in the past seven days.

Solana, the number six coin currently, is also trading half a percent higher, having lost over 3 percent this week. Polkadot has surged nearly 15 percent in the past 24 hours and over 10 percent in the last seven days.

Shiba Inu has taken over Dogecoin officially in terms of market cap, trading at number 9 position. However, the coin is down over 4 percent currently, after rising nearly 68 percent in the last seven days. Dogecoin is down nearly 1 percent after rising over 1.5 percent in the past week.

A. Top 10 cryptocurrencies by market cap

On Tuesday, the crypto market's total market cap rose over 1.5 percent to $2.63 trillion. Meanwhile, Bitcoin’s dominance in the market fell by over 0.33 percent to 43.63 percent.

B. Top crypto news updates

Cryptocurrency has officially gone to the dogs

The recent trading frenzy over a digital token called Shiba Inu commonly billed as a meme or joke coin has vaulted the canine-themed cryptocurrency into the top ten most valuable digital assets by market value. It has hit $40 billion and surpassed its cousin and apparent inspiration, Dogecoin. Shiba was up another 10 percent at midday Monday and has doubled in value in the past week. Most of that gain came in a flurry of trading last Wednesday when it gained over 65 percent.

Squid token crashes 100% in 5 minutes

Squid Game token, inspired by the popular Netflix show Squid Game, crashed over 100 percent -- from $2,800 to $0.007 in a matter of five minutes in the early hours of Monday. The coin had surged over 3,80,000 percent by Monday after it was launched last week on Tuesday.

'Not sustainable', an analyst on Shiba Inu surge

The extraordinary rally of dog-themed coins like Shiba Inu and Floki Inu is not sustainable, Michaël van de Poppe, a crypto analyst told CoinMarketCap. He said so many meme coins suggest we are "getting quite far into the bull cycle."

Stablecoins, CBDCs may not solve financial issues in emerging markets

While some emerging markets are looking at central bank digital coins and stablecoins to address the weakness in their financial systems, a report has recently said these digital currencies will not solve the issues of these markets. A paper released by the Bank of International Settlements said "they are neither necessary nor sufficient to meet the policy goals."

C. Top trending coins

D. Top 3 gainers

E. Top 3 losers

(Data is sourced from coinmarketcap.com)

(With inputs from agencies)