Crypto market cap returns to $2T for the first time since May

stock market forex trading graph 1 scaled

Bitcoin dominance is falling again as Ether rises and altcoins look to regain momentum.

The total value of all cryptocurrencies in circulation — a major bellwether for the health of the overall market — reached $2 trillion on Wednesday for the first time in almost three months, offering compelling evidence that buyers are back in control.

Measured by market capitalization, digital asset values peaked at $2.007 trillion on Wednesday, according to data provided by Coingecko. Over the past 24 hours, the digital asset class has risen by 4.6%. Week-over-week, the market has added 25%, or $400 billion.

The cryptocurrency market appears to have regained its footing after a trying three-month period. Source: Coingecko

Bitcoin (BTC), which is the largest and most influential cryptocurrency, accounted for 43.7% of the overall market. Ethereum (ETH), meanwhile, took 18.9% of the market share.

At the time of writing, Bitcoin was up 3.3% to $46,343 and Ether had risen 5.2% to $3,240, according to Cointelegraph Markets Pro.

As Cointelegraph reported, the cryptocurrency market reached a cumulative valuation of $1 trillion in January before more than doubling three months later. Asset values peaked closer to $2.6 trillion on May 11 before a major downturn effectively halved the total market cap.

A confluence of forces is working together to aid crypto’s recovery. A wave of institutional buying, steady accumulation by retail investors and billions in venture funding for crypto and blockchain startups have all contributed to the rally. Supply-squeeze undertones have been largely responsible for Bitcoin’s rally, which appears to have paved the way for altcoins to reassert their dominance.

Related: US dollar downturn aids Bitcoin bulls before $50K BTC price showdown

Crypto markets are maintaining their bullish bias despite some concerning regulatory developments in the United States. As Cointelegraph reported, President Biden’s infrastructure deal recently passed in the Senate without the much-needed clarification on what constitutes a cryptocurrency broker.

The version that passed through the Senate earlier this week may impose tax reporting requirements on protocol developers that many in the crypto industry believe are unworkable. The bill isn’t expected to make its way to the House of Representatives until later this year.

Ronnie Huss

Ronnie Huss

Leave a Reply

Your email address will not be published. Required fields are marked *

Share:

Share on telegram
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

Related Posts

bitcoin
Bitcoin (BTC) $ 68,570.37
ethereum
Ethereum (ETH) $ 3,777.28
tether
Tether (USDT) $ 0.999268
bnb
BNB (BNB) $ 595.94
solana
Solana (SOL) $ 168.64
staked-ether
Lido Staked Ether (STETH) $ 3,773.14
usd-coin
USDC (USDC) $ 0.999582
xrp
XRP (XRP) $ 0.521819
dogecoin
Dogecoin (DOGE) $ 0.161133
cardano
Cardano (ADA) $ 0.449518
shiba-inu
Shiba Inu (SHIB) $ 0.000027
the-open-network
Toncoin (TON) $ 6.49
avalanche-2
Avalanche (AVAX) $ 36.62
chainlink
Chainlink (LINK) $ 18.31
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 68,503.35
tron
TRON (TRX) $ 0.111548
polkadot
Polkadot (DOT) $ 7.07
bitcoin-cash
Bitcoin Cash (BCH) $ 469.25
uniswap
Uniswap (UNI) $ 10.77
near
NEAR Protocol (NEAR) $ 7.46
matic-network
Polygon (MATIC) $ 0.703041
litecoin
Litecoin (LTC) $ 84.30
pepe
Pepe (PEPE) $ 0.000015
fetch-ai
Fetch.ai (FET) $ 2.26
internet-computer
Internet Computer (ICP) $ 12.22
leo-token
LEO Token (LEO) $ 5.96
dai
Dai (DAI) $ 0.999729
wrapped-eeth
Wrapped eETH (WEETH) $ 3,926.96
ethereum-classic
Ethereum Classic (ETC) $ 30.16
aptos
Aptos (APT) $ 9.23
render-token
Render (RNDR) $ 10.31
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,729.43
hedera-hashgraph
Hedera (HBAR) $ 0.101793
dogwifcoin
dogwifhat (WIF) $ 3.48
cosmos
Cosmos Hub (ATOM) $ 8.59
immutable-x
Immutable (IMX) $ 2.23
arbitrum
Arbitrum (ARB) $ 1.14
kaspa
Kaspa (KAS) $ 0.138672
mantle
Mantle (MNT) $ 0.998714
filecoin
Filecoin (FIL) $ 5.82
crypto-com-chain
Cronos (CRO) $ 0.116943
stellar
Stellar (XLM) $ 0.106358
ethena-usde
Ethena USDe (USDE) $ 0.999440
the-graph
The Graph (GRT) $ 0.308073
first-digital-usd
First Digital USD (FDUSD) $ 0.998001
blockstack
Stacks (STX) $ 1.99
arweave
Arweave (AR) $ 43.55
bittensor
Bittensor (TAO) $ 408.97
okb
OKB (OKB) $ 45.42
optimism
Optimism (OP) $ 2.49