Key facts:
Last Friday, February 10, the market briefly touched this mark.
Bitcoin has yet to break above a trillion dollars individually.
Bitcoin resumes the upward path and, as usual, the rest of the cryptocurrencies accompany the movement. Now, the market is back above the $2 trillion market capitalization mark, a milestone it first reached last year and more recently lost with the January crash.
Although last Friday the market briefly touched the 2 trillion total valuation, the fall of the following days stopped that momentum. Now, with bitcoin insisting on breaking the resistance of 45,000 dollars per unit, the market as a whole has gone upas reflected in the data of CoinGecko.
The first time the cryptocurrency market passed the full $2 trillion valuation was early in the second quarter of 2021. Then, buoyed by a new BTC all-time high of $69,000 per coin, the global market capitalization touched the lows. 3 billion in November, we reported in CriptoNoticias.
The most curious thing about these data is that in a few months three important capitalization barriers were broken: the trillion mark was only broken in January 2021, but bitcoin’s exponential rise pushed the market to new highs all year. Now, history seems to be repeating itself, despite the fact that the main cryptocurrency is still far from its own historical mark.
Market value concentrated in a few cryptocurrencies
At its individual price peak, the market capitalization of bitcoin ascended to more than 1.25 billion. This puts into context how the main cryptocurrency concentrates market value compared to the rest.
Today, with a capitalization of more than 800 billion dollars, BTC alone is equivalent to more than 40% of the entire market. If we add to ether (ETH), the native cryptocurrency of Ethereum, almost 60% of the money invested in cryptocurrencies is concentrated in just two.
If we extend the range to cover the top 20, those coins alone account for around 1.7 trillion of the market. That is, having more than 12 thousand coins listed on CoinGeckothe real value of this market is in a few projects.
Given this panorama of the concentration of wealth, it makes more sense how bitcoin (leader among thousands of projects) defines the course of the entire market. Currently, BTC is struggling to break through $45,000, which has become its greatest resistance to return to levels of recent months.
At the moment, it has not yet achieved it, but if it resumes the upward course, passing the mark of 53,000 dollars per unit we would be seeing BTC again over a trillion dollars in their individual capitalization. The antecedents suggest that this could happen soon.