Given that Bitcoin is trading at 2% of its all-time high, while Ethereum, Solana and Polkadot move in price ranges never seen before, CoinGecko estimates that the combined cryptocurrency market capitalization has surpassed $ 3 trillion for the first time..
According to CoinGecko, Total cryptocurrency capitalization hit new highs above its previous record of $ 2.62 trillion on October 20 and is up a further 14.5% in less than three weeks.
The combined capitalization of the cryptocurrency market had peaked at nearly $ 2.62 trillion on May 12 of this year., before rebounding from a local low of $ 1.24 trillion on July 20. In the previous bull cycle, total digital asset capitalization peaked at $ 848.6 billion on January 6, 2018.
CoinGecko data tracks 10,418 digital assets through 518 cryptocurrency exchanges.
Despite Bitcoin’s impressive price gains over the past two years, BTC market dominance has fallen 42.8% since it peaked at 70.8% on September 6, 2019.
While Bitcoin still outperforms its closest rival by more than double in terms of market share, at 40.5% or $ 1.22 trillion, compared to 18.6% or $ 560 billion for Ethereum, the combined capitalization of all other cryptocurrencies is 40.9% or $ 1.24 trillion, evidencing the growing plurality of the digital asset sector.
According to Messari’s Ethereum screener, which currently tracks 209 projects that have been built on the network, the Ether ecosystem currently represents a market capitalization of $ 829 billion or a dominance of 27.6%.
Keep reading: