After a 2.5-month correction, the total market capitalization of crypto has returned above the $2 trillion mark. This psychological barrier has been broken through again amid more than double-digit gains on all major cryptocurrencies.
Market capitalization above $2 trillion
According to data from CoinGecko, the total market capitalization of cryptocurrencies has once again broken the USD 2 trillion barrier. With parabolic increases lasting since the July 21 bottom at $1.25 trillion, the market has nearly doubled in value in just 23 days.
This is happening as a consequence of large increases on most of the major TOP 100 cryptocurrencies. This is proven by just a glance at the above list of the TOP 10 cryptocurrencies with the largest market capitalization, according to CoinGecko.
Over the past 7 days, Cardano (ADA) is up 46.8%, XRP is in the green by 41.3%, and the crowd favorite Dogecoin (DOGE) has grown by 38.2%. All the cryptocurrencies in the TOP 10 have increased recording more than double-digit gains from last week.
As of today, Bitcoin’s dominance stands at 43.1% and technical analysis indicates that further declines are expected. Ether’s dominance, on the other hand, is in a long-term uptrend that began with a bottom at 7.1% in September 2019. Since then, ETH’s market share has almost tripled and today stands at as high as 19.7% according to Tradingview.
Another break through the $2 trillion barrier
This is the 4th time in the history of the cryptocurrency market that it has broken through the $2 trillion barrier (red line). The first historical breakthrough took place on 5 April 2021. Then, after a minor correction, the market regained this value for the second time on 9 April.
The third time also occurred during the same month, on 27 April, when the market made its last significant move to set a new all-time high. This happened on 12 May, with the total crypto market cap reaching $2.55 trillion (pink circle). Periods below the $2 trillion capitalization are highlighted in green.
Not long after, as early as 19 May during the monumental crash, the market lost about 50% of its value. For 2.5 months, it stayed within the $1.25-1.8 trillion range. Only the revival at the end of July led to current increases and a breakout from this range. Today, the market capitalization of cryptocurrencies has regained the $2 trillion level again.
