Global cryptocurrency market cap hits $2.6 trillion, returning to all-time high
Over the weekend, the market cap of the entire crypto market broke $2.6 trillion, according to data from CoinGecko. This puts it back at levels last seen in May when bitcoin first topped the $60,000 mark.
Since breaking above this figure, the size of the crypto market has slightly declined to $2.58 trillion.
The surge has largely been driven by bitcoin and ether, which comprise 61.5% of the market. Since the start of the year, Bitcoin’s price has doubled, rising from $29,000 to $61,000 today. This added an extra $616 billion to the crypto market.
Ether’s price rise was even more explosive, increasing by 411% from $738 to $3,775 today. But since it has a smaller market cap, it only added an extra $365 billion to the market.
Since ether’s price rose faster than bitcoin, however, it did eat into its market share. Ether’s share of the market has grown from 7.4% to 17.5% over the course of the year. In contrast, bitcoin’s dominance has declined from 65.9% to 44.9%.
The rest of the total market cap is spread across the remaining 9819 coins that CoinGecko tracks. There are 19 more coins with market caps above $10 billion, including binance coin, cardano and XRP, which make up a significant portion of the remaining market.
© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Tim Copeland
