The total cryptocurrency market cap surpassed $3 trillion this morning for the first time ever according to Coin Gecko. Cryptocurrencies can no longer be ignored as the market cap of bitcoin alone is almost equal to that of silver.
It’s bitcoin and ethereum that are the impulse behind the rise of crypto over the last day few days. Bitcoin has risen from a local low of $60,000 over the last 3 days, to then hit $66,400 today. Ethereum is continuing a methodical rise to the upside, and has posted a 10% rise in price over the same time span.
Bitcoin’s market cap of more than $1.2 trillion is very near the all-time-high set back on the 20 October, while Ethereum’s market cap is getting towards one sixth of the total crypto market cap at around $560 billion.
It’s not all about bitcoin and ethereum though as the rest of the altcoins are mostly still gaining. Bitcoin dominance is hovering at around 1% currently, and has seen a slight rally after a 2-to-3-week pull-back.
Since May, bitcoin dominance has been in a range, with its highest point at 48.9% and the lowest at 39.6%. If bitcoin drops the lower range boundary, then some analysts are saying that it could go down to the low 30 percentages.
Altcoins that are currently up on their bitcoin pairings today are Fantom (5.4%), Crypto.com (9.5%), and Loopring at 20.5%.
For USDT pairings, most altcoins are still very much in the green. USDT market cap dominance is at –2.5% currently, and the price has just touched a very important support trend line that stretches back to June 2019. If the trend support does not hold then we are potentially in for some more fireworks from crypto over the next few weeks.
It seems that the cryptocurrency sector has rallied despite all the negativity that senior government, financial and banking officials have said about it. Then we also have China, arguably the second most powerful country in the world, which has gone to war on crypto over the last few months.
It banned cryptocurrency mining in China and also made it illegal for any Chinese business or individual to transact in cryptocurrencies. No doubt attempting to clear the field for its own central bank digital currency that many say would crush any last freedoms of Chinese citizens.
With crypto well and truly into a bull market, it remains to be seen what the Federal Reserve, the US treasury, the SEC, the IMF, China, and central banks around the world can do to reign cryptocurrencies in. We will no doubt find out over the next few weeks.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.