In recent days, the total market capitalization of the cryptocurrency market has reached two trillion dollars.
Actually in CoinMarketCap is still slightly below this threshold, while in CoinGecko, for example, has already been exceeded. The fact is that there are some differences in terms of the circulating supply of some cryptocurrencies (such as Polkadot) that generate different totals in the calculation of their market capitalization.
However, these differences are on the order of 2%, so they are not particularly significant, and in any case, even at CoinMarketCap, the overall crypto market capitalization is close to two trillion dollars.
Never in the history of cryptocurrencies has such a high total market capitalization been achieved.
For example, the peak reached during the speculative bubble of late 2017 and early 2018 it was almost $ 900 million on January 7, 2018, a figure that was reached again in early 2021.
It is precisely in 2021 when there was a real boom, with an increase so far of 159% from the $ 771 million on December 31 of last year.
Cryptocurrency market capitalization doubled in three months
The $ 1 trillion mark was surpassed for the first time in history on January 7, 2021, that is, three months ago, and since then market capitalization has literally doubled.
As of February 22, the market cap was close to $ 1.8 trillion, with a subsequent drop to $ 1.4 trillion at the end of February, but in March, the market cap rose again to a new record of nearly $ 1.9 trillion on February 14 March.
After falling below $ 1.7 trillion again, it grew again at the end of March and then surpassed $ 1.9 trillion for the first time in early April, thanks mainly to rising prices of stocks. altcoins.
In fact, bitcoin dominance has decreased.
As for the CoinGecko data, while 70% of the total cryptocurrency market capitalization in early 2021 was held by bitcoin alone, it has now dropped to 54%, thanks to the growth of altcoins, primarily Ethereum.
In fact, the current level of bitcoin dominance is the lowest since the beginning of the year and it is similar to early September 2020, that is, at the peak of the hype of DeFi tokens in 2020. Previously, one has to go back to April 2019 to detect an even lower percentage.
Taking March 14 as an example, since then, the total market capitalization of cryptocurrencies has risen by $ 100 billion, while that of bitcoin has fallen by almost $ 50 billion. Therefore, it is more than evident that the growth unleashed since the end of March is specifically attributable to altcoins.