Cryptocurrency markets have been climbing again to kick off the week and the total market capitalization has reached a record high. The market capitalization for all cryptocurrencies has reached an all-time high of $2.6 trillion according to CoinGecko.
This has just surpassed the previous high of $2.55 trillion that was made on May 12 when many altcoins were notching up their own record highs.
Rival token analytics platform CoinMarketCap is reporting a total crypto market cap of around $2.5 trillion which is about the same as the previous peak five months ago.
The total market cap has surged 233% since the beginning of this year when it was around $780 billion. During the last cycle peak in January 2018, the total market cap reached a high of $830 billion.
Crypto now larger than world’s biggest company
The entire crypto market cap is now larger than the world’s largest company. According to CompaniesMarketcap, Apple has a market cap of around $2.39 trillion topping the chart. The second-largest firm is software giant Microsoft with $2.28 trillion.
Bitcoin is currently driving all of the momenta with a gain of 2.7% on the day, 14% on the past week, and 32% over the past month. BTC usually peaks before altcoins so their turn could come when bitcoin prices take a breather.
Bitcoin is now just 3.4% away from its April 14 all-time high of $64,800 according to CoinGecko. In terms of market cap, Bitcoin is now worth around $1.18 trillion which is approximately 45% of the total.
Compared to companies, Bitcoin is ranked sixth in the world, larger than Facebook with $915 billion, but smaller than Amazon with $1.7 trillion.
Ethereum represents 17% of the entire market with a capitalization of $458 billion, or about the same size as Chinese e-commerce giant Alibaba.
Billion-dollar altcoins growing
The number of altcoins with a market cap over $1 billion is 108 according to CoinGecko. The top-20 altcoins all have more than $10 billion market caps and those in the top ten are all over $30 billion.
Binance Coin (BNB) is the third-largest cryptocurrency with $79 billion and Tether is fourth with around $70 billion. Cardano’s ADA is currently the fifth largest with $69 billion, followed by XRP with $51 billion.
Altcoins have not seen much price action over the past 24 hours as Bitcoin has been making all the moves, gaining a further 2.6% on the day to trade at $62,350 at the time of press.