Crypto markets may have just tagged $3 Trillion combined market cap for the very first time. This is even as top altcoins continue pushing their ways into all-time highs.
Crypto Markets Have Tagged $3 Trillion
While Bitcoin continues trading within 2% of its all-time high, Ethereum, Polkadot, and Solana are also now pushing into previously uncharted price territories. And according to estimations from CoinGecko the combined market capitalization of cryptocurrencies has broken above $3 trillion for the first time ever.
Reports from CoinGecko suggests that the total crypto capitalization has surpassed its previous Oct. 20 record of $2.62 trillion. This means that, in less than 3 weeks, the crypto markets capitalization broke into new highs, having increased by a further 14.5%.
Meanwhile on May 12 of this year, combined crypto market cap topped out at a peak of about $2.62 trillion, before taking off from a local low of $1.24 trillion on July 20 again. In addition, previous bull cycle saw the total digital asset capitalization posting a high of $848.6 billion as of January 6, 2018.
The data by CoinGecko tracks no fewer than 10,418 digital assets across about 518 cryptocurrency exchanges.
BTC’s Market Dominance In View
Without any doubts, Bitcoin has experienced some impressive price gains over the past two years. But still, BTC’s market dominance has dropped by 42.8% since tagging a top of 70.8% on September 6, 2019.
Although in terms of market share, Bitcoin still tops its closest competitor by more than double, with Bitcoin having 40.5% or $1.22 trillion compared to Ethereum’s 18.6% or $560 billion. All other cryptocurrencies then have a combined capitalization of 40.9% or $1.24 trillion — evidencing the increasing diversity of the digital asset sector.
According to Messari’s Ethereum screener, which is presently tracking about 209 projects that are already built on the network, the Ether ecosystem currently holds a market cap of $829 billion or 27.6% dominance.