Today, the market cap of all cryptocurrencies in the world exceeded $3 trillion.
This is the first time this has ever happened, not least because between April and May it failed to exceed $2.5 trillion.
Market cap and record prices
In April the price of Bitcoin hit new highs, almost reaching $65,000, but the altcoins were still lagging behind. In May it was the turn of the altcoins, but the price of Bitcoin had already fallen.
Only in the last few days, practically all major cryptocurrencies are close to their all-time highs, with Bitcoin above $66,000.
As early as October 21, the 2.7 trillion market cap was surpassed, coinciding with Bitcoin’s new ATH, but Ether’s ATH came later, and it wasn’t until November 3 that the 2.8 trillion mark was surpassed.
The cryptocurrencies that dragged down the market cap
According to some analysts, this boom is partly due to increased earnings expectations from crypto investors, but also thanks to institutional players who are entering the market through instruments such as futures ETFs.
Bitcoin’s dominance has declined in recent days, because after reaching over 46% on 21 October, it is now below 42%.
Ether’s dominance has risen from 17% to 19%.
BTC and ETH are certainly the main culprits behind the market cap’s historic highs, especially since BNB, in third place, not only capitalizes one-fifth of ETH and less than one-tenth of BTC, but is still 6% away from its May highs.
The likes of SOL and DOT are performing very well, with XRP following with a decent gain over the past week.
DOGE and SHIB prices remain high, while ADA is 33% below its September high.
In fact, SOL has now overtaken ADA by market cap, albeit not by much.
Stablecoins have also grown, with USDt rising above $73 billion in market capitalization, and USDC above $34 billion. BUSD, on the other hand, has fallen from over $14 billion on November 4 to $13.6 billion today.
Vertical growth in market capitalization
To get an idea of how much the overall market cap of cryptocurrencies has grown, it is enough to remember that on 29 September it was less than $2 trillion, while on 20 July it was less than 1,300. At the beginning of the year, it was even below 800 billion, which is almost four times less than its current value.