The cryptocurrency market cap exceeds $2 trillion
The cryptocurrency market cap exceeds $2 trillion
Crypto

The cryptocurrency market cap exceeds $2 trillion

By Eleonora Spagnolo - 16 Aug 2021

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The market cap of the cryptocurrency sector is back above $2 trillion again. That has not happened since May, that is, since the market suddenly reversed course, veering towards the negative.

To drag the total capitalization again over 2 billion dollars, there is mainly bitcoin. BTC, in fact, after having peaked at 65,000 dollars on April 14, had slowly lost value until the crash on May 19, when China announced a new ban on BTC.

That had gradually led the market into a bearish phase, with bitcoin even falling below $30,000 several times. Now that BTC is recovering, it is again dragging the sector upwards.

The altcoins that are thriving the cryptocurrency market cap

Truth be told, the altcoins aren’t disfiguring either.

In fact, unlike the previous hype, BTC has not yet crossed the 1 trillion capitalization mark at the moment, being stuck at just under 900 billion. While Ethereum has progressively gained market share, bringing itself up to 19%, while BTC, on the contrary, has seen its dominance erode, gradually going from 70% to the current 44%.

Ethereum itself is the queen of altcoins, and thanks to its protocol updates, it is gaining both in value and interest. It is currently worth $3,200. Although it is still far from the record of $4,300 set in May, the continuous updates that will lead to the final transition from the consensus algorithm Proof of Work to Proof of Stake promise to be decisive for the future of ETH. So much so that some speculate that flippening, or the overtaking of ETH on BTC, is no longer science fiction.

In any case, ETH right now has a capitalization of just under $400 billion ($384 to be precise).

All the other cryptocurrencies follow at a distance, but of course, they don’t disfigure. There’s not just Tether, which has risen from 30 billion to 60 billion in capitalization throughout 2021.

But there is also Cardano (ADA), as the protagonist of a real rally that is bringing it back within a step of the ATH of May when it had touched $2.46. Currently, ADA is worth $2.18.

The continuous project improvements, which make it an increasingly viable alternative to Ethereum, are attracting enthusiasts and investors. Its market cap has risen to $70 billion.

XRP also deserves mention in this scenario. In late 2020, Ripple’s cryptocurrency seemed destined to eclipse, given the lawsuit against the SEC. Instead, these days, the price has resumed rising, arriving again over the dollar, at $ 1.28 to be precise, with a market cap of 60 billion.

The last cryptocurrency to mention is Dogecoin. The meme coin par excellence continues to amaze and, above all, continues to become autonomous from Elon Musk. In recent months it seemed that the fate of DOGE was linked to the tweets of the CEO of Tesla. Instead, the performance of these days, also dragged by the statements of Mark Cuban, show that Dogecoin is becoming an accepted means of payment. In short, it’s not just a joke anymore.

These and 11,200 other cryptocurrencies currently listed on Coinmarketcap and 393 exchanges contribute to the growth in total capitalization. After crossing the $2 trillion mark, all that’s left to do is wait and see what the next step will be.

 

Eleonora Spagnolo

Journalist passionate about the web and the digital world. She graduated with honours in Multimedia Publishing at the University La Sapienza in Rome and completed a master's degree in Web and Social Media Marketing.

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