Cryptocurrency Market Cap hits a new record surpassing $3 Trillion for the first time. The market capitalization of all cryptocurrencies increased more than 380% during 2021. A year ago, the whole market capitalization of cryptocurrencies was the size of Ether.
The second week of November 2021 began with exciting news in the world of cryptocurrencies.
The worldwide market capitalization of the sector topped 3 trillion US dollars (USD). This milestone marks an increase of 50 percent over the past semester.
Just six months ago, total market capitalization had hit the $ 2 trillion mark. According to data revealed by CoinGecko, global investment in cryptocurrencies has grown almost 3,000% over the last two years.
However, two assets continue to outperform the others in raising almost all funds: bitcoin (BTC) and Ether (ETH).
Of the total capitalization of USD 3 trillion in different cryptocurrencies, only bitcoin represents 40% (USD 1.2 trillion) and Ether 16% (USD 560 billion) of the total.
It implies that BTC continues to retain a big lead above the second most valuable cryptocurrency on the market, with a nearly double-digit margin.
However, bitcoin has lost dominance in the last year, following the growth of Ether and other lower-value cryptocurrencies such as Binance Coin, Cardano, Tether, Solana, XRP, Polkadot, Dogecoin, and USD coin.
According to CoinMarketCap statistics, the dominance of the pioneer cryptocurrency fell from 69 percent in January 2021 to 42.8 percent on November 7.
Despite slower growth, Bitcoin has more than doubled the market value of Ether
Over the last year, the capitalization of Ether has grown more than that of bitcoin. Precisely, BTC grew five times, while ETH managed to multiply by ten, that is, twice.
Today, the second volume meets the same as the total cryptocurrency market had a year ago.
In addition to having reached a global market capitalization of USD 3 trillion, another vital milestone occurred for the two significant cryptocurrencies this week.
Both bitcoin and Ether began on Monday with a rise in price until reaching their all-time highs in the early hours of Tuesday, November 9.
According to this Media, Bitcoin has broken the $ 68,000 mark, while Ether has hit $4,800, both of which are all-time highs. Both cryptocurrencies’ values have remained constant over the previous three weeks, with no significant drops.
Although this new boost for the price of bitcoin is attributed to the arrival of the ETF on Wall Street, the truth is that various analysts have been warning of an accumulation phase that gave rise to think about a significant bullish scenario for weeks.
Together with other indicators, this behavior helped to predict an upward movement sustained through pretty much all of 2022.