Combined Crypto Market Capitalization Broken Above $3T For The First Time
CoinGecko estimates that the combined cryptocurrency market capitalization has broken above $3 trillion for the first time.
It has been reported that according to CoinGecko, the total crypto market cap broke into new highs above its previous record of $2.62 trillion on October 20 and has increased by a further 14.5% in less than three weeks.
However, the combined crypto market cap had previously topped out at a peak of nearly $2.62 trillion on May 12 of this year, before bouncing off a local low of $1.24 trillion on July 20. The previous bull cycle saw the total digital asset capitalization post a high of $848.6 billion on January 6, 2018.
The report said that CoinGecko’s data tracks 10,418 digital assets across 518 cryptocurrency exchanges. Despite Bitcoin’s impressive price gains during the past two years, BTC’s market dominance has fallen by 42.8% since tagging a top of 70.8% on September 6, 2019.
Likewise, while Bitcoin still beats out its closest rival by more than double in terms of market share with 40.5% or $1.22 trillion compared to Ether’s 18.6% or $560 billion, the combined capitalization of all other cryptocurrencies is 40.9% or $1.24 trillion, evidencing the increasing plurality of the digital asset sector.
Thus, according to Messari’s Ethereum screener, which currently tracks 209 projects that have been built on the network, the Ethereum ecosystem currently represents a market cap of $829 billion or 27.6% dominance.