Total capitalization of the cryptocurrency market. Source: Coingecko.com
Total cryptocurrency market capitalization crossed the $ 2.5 trillion mark today, and it is for the first time since May within a short distance of its all-time high of $ 2.57 trillion reached that same month. Meanwhile, the dominance of bitcoin (BTC) is lower today than when the price of the coin peaked in mid-April.
The all-important $ 2.5 trillion mark was reached after the cryptocurrency market has seen significant gains in recent days, with the market capitalization growing by $ 110 billion since Wednesday alone.
Additionally, today’s milestone also means that the market capitalization of all crypto assets has risen by more than 30% in just over two weeks, going from $ 1.84 trillion on September 29 to $ 2.44 trillion at noon. UTC October 15.
The increase in market capitalization followed strong gains in the price of bitcoin, helped by reports that the US Securities and Exchange Commission The SEC is set to allow the first exchange-traded fund (ETF) backed by bitcoin futures to be listed in the United States next week.
Meanwhile, it’s worth noting that bitcoin’s dominance in the overall crypto market valuation is lower now than it was during the all-time high that bitcoin’s price hit in April. Back then, bitcoin’s share of the crypto market was roughly 54%. As of today, bitcoin’s dominance is around 44% to 46% (depending on the data provider), having remained relatively stable at around 40% since mid-May.
Bitcoin’s slightly lower dominance this time around indicates that more altcoins are seeing growth in their market capitalizations. However, it is also important to note that the number of altcoins is constantly increasing, which, all things being equal, reduces bitcoin’s share of the crypto market.
Currently, the CoinGecko crypto tracking website lists 9,749 different coins and tokens as part of the total crypto market.
Bitcoin dominance. Source: TradingView
Commenting on the latest price movements in the cryptocurrency market, Ruud Feltkamp, CEO of the cryptocurrency trading robot Cryptohopper, attributed much of the gains to the historically good performance seen in October.
“October is almost always a good month historically, and this year is very similar to 2017. Before Bitcoin breaks its ATH, it has always struggled to break through the big resistance first. However, once broken, it will be a long volatile road to the top. In 2017, the peak was between Christmas and New Years. Will this year be the same? I think so, ”Feltkamp wrote in an emailed comment.
– Bitcoin reaches $ 60,000 in ETF Hopes
– Experts disagree on the prospects for the Bitcoin ETF in 2021 as the deadline approaches
– Not ideal, but ‘better than nothing’ – Market awaits ‘Paper Bitcoin’ ETF
– SEC Approves Bitcoin-Related ETF While Market Waits for ‘Real’ BTC ETF
– Pro-Crypto Congressman Criticizes SEC’s More Sensitive Regulatory Plans
– Bitcoin and Ethereum see deeper markets, maturing as assets