Market capitalization for cryptocurrencies hits a new all-time high of $ 1.13 trillion

The combined value of all cryptocurrencies broke a new record of nearly $ 1.139 trillion on February 4 at 8:50 a.m. UTC.. While long-term analysts often examine the chances of individual Bitcoin consuming the entire market capitalization of gold, The combined value of all cryptocurrencies together is currently more competitive than the total market cap of silverof just under $ 1.5 trillion.

After the US $ 1 trillion milestone was exceeded in early January 2021, The current crypto market is seeing a greater distribution of growth between the game’s two main resources: Bitcoin (BTC) and Ether (ETH).. On January 7th, the date the market surged $ 1 trillion, Bitcoin was 69% dominant, compared to 13.5% for Ether. Vice versa, The most recently updated data from CoinMarketCap this week shows the dominance of Bitcoin at 62.2% versus the share of Ether at 15.6%..

Total market capitalization of all cryptocurrencies. Source: CoinMarketCap

Ether’s relatively stronger market share shows the asset’s record performance this week. marked a new all-time high of $ 1,653 on February 3. On the same day, Bitcoin’s dominance dropped to 61.6%.

Market capitalization for cryptocurrencies hits a new all-time high of $ 1.13 trillion
Market capitalization for cryptocurrencies hits a new all-time high of $ 1.13 trillion

At the time of this writing Ether was up more than 6% on the day to $ 1,623, Bitcoin rose 3.5% to $ 37,142. With the high ether prices, the gas rates have increased accordingly, which has an impact on the DeFi protocols. Although a fee and burn mechanism for ether proposed by Vitalik Buterin and Eric Conner has increased the trust of Grayscale Investmentswho believes the measure, if pursued, could create “a positive feedback loop for the price of ether”.

Market analysts this week also pointed to current incentives for Bulls push Bitcoin target to $ 40,000, including tomorrow’s total of $ 1 billion for open interest Bitcoin options expiring.

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