After a 2.5-month correction, the total market capitalization of crypto has returned above the $2 trillion mark. This psychological barrier has been broken through again amid more than double-digit gains on all major cryptocurrencies.
Market capitalization above $2 trillion
According to data from CoinGecko, the total market capitalization of cryptocurrencies has once again broken the USD 2 trillion barrier. With parabolic increases lasting since the July 21 bottom at $1.25 trillion, the market has nearly doubled in value in just 23 days.
This is happening as a consequence of large increases on most of the major TOP 100 cryptocurrencies. This is proven by just a glance at the above list of the TOP 10 cryptocurrencies with the largest market capitalization, according to CoinGecko.
Over the past 7 days, Cardano (ADA) is up 46.8%, XRP is in the green by 41.3%, and the crowd favorite Dogecoin (DOGE) has grown by 38.2%. All the cryptocurrencies in the TOP 10 have increased recording more than double-digit gains from last week.
As of today, Bitcoin’s dominance stands at 43.1% and technical analysis indicates that further declines are expected. Ether’s dominance, on the other hand, is in a long-term uptrend that began with a bottom at 7.1% in September 2019. Since then, ETH’s market share has almost tripled and today stands at as high as 19.7% according to Tradingview.
Another break through the $2 trillion barrier
This is the 4th time in the history of the cryptocurrency market that it has broken through the $2 trillion barrier (red line). The first historical breakthrough took place on 5 April 2021. Then, after a minor correction, the market regained this value for the second time on 9 April.
The third time also occurred during the same month, on 27 April, when the market made its last significant move to set a new all-time high. This happened on 12 May, with the total crypto market cap reaching $2.55 trillion (pink circle). Periods below the $2 trillion capitalization are highlighted in green.
Not long after, as early as 19 May during the monumental crash, the market lost about 50% of its value. For 2.5 months, it stayed within the $1.25-1.8 trillion range. Only the revival at the end of July led to current increases and a breakout from this range. Today, the market capitalization of cryptocurrencies has regained the $2 trillion level again.
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.