Cryptocurrency markets hit $ 3 trillion in market cap for the first time

Given that Bitcoin is trading at 2% of its all-time high while Ethereum, Solana and Polkadot are trading in unprecedented price ranges, CoinGecko estimates that the combined market cap of the cryptocurrency has exceeded $ 3 trillion for the first time.

According to CoinGecko, Total capitalization of cryptocurrencies hit new highs on October 20, above their previous record of $ 2.62 trillion, and is up another 14.5% in less than three weeks.

The combined capitalization of the cryptocurrency market peaked on May 12 this year at nearly $ 2.62 trillion.before bouncing off a local low of $ 1.24 trillion on July 20. In the previous bull cycle, the total capitalization of digital assets peaked at $ 848.6 billion on January 6, 2018.

Cryptocurrency markets hit $ 3 trillion in market cap for the first time
Cryptocurrency markets hit $ 3 trillion in market cap for the first time

CoinGecko data tracks 10,418 digital assets over 518 cryptocurrency exchanges.

Despite Bitcoin’s impressive price gains over the past two years, The dominance of the BTC market has fallen 42.8% since it peaked at 70.8% on September 6, 2019.

While Bitcoin has still more than doubled its closest competitor in terms of market share at 40.5%, or $ 1.22 trillion, compared to 18.6%, or $ 560 billion for Ethereum, the combined capitalization of all other cryptocurrencies is 40.9%, or $ 1.24 trillion, demonstrating the growing diversity of the digital asset sector.

According to Messari’s Ethereum screener, who is currently tracking 209 projects created on the network, the ether ecosystem currently represents a market cap of $ 829 billion or a dominance of 27.6%.

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