The collective value of all the digital assets recently smashed past 1 trillion USD as BTC and ETH continue to gush.
The total market cap of crypto assets crossed one trillion dollars for the 1st time ever at 7 PM ET on Tuesday, 6th January. BTC temporarily topped at 37k USD around the same time, making a new all-time-high. However, at press time, Bitcoin has already crossed the aforementioned ATH and is hovering just below 40k mark.
The market capitalization of the cryptocurrency asset class has nearly doubled over the past month as BTC broke out to new all-time highs and ETH surpassed $1200 for the 1st time in the last 3 years. Combined, both assets account for roughly two-thirds of the overall market.
It is to be noted that the trillion-dollar market capitalization was touched only a few days after the market surpassed the highs from the 2017 bull market. During the last cycle top in early 2018, the overall market capitalization touched around 830 billion USD, as per coinmarketcap.
During the peak of 2017-18 bull run, altcoins peaked around 550 billion USD after BTC withdrew from its Dec 2017 high. The altcoin market is presently worth less than half of that total. The figures accentuate Bitcoin’s absolute dominance so far in the present cycle.
Characteristically, BTC’s bull cycles overlay the path for an ensuing altcoin rally, which is every so often grander than the original Bitcoin rally. The parabolic escalation in altcoins can transpire rapidly, leaving investors with diminutive time to get ready.
Numerous digital asset observers are predicting a bullish 2021 for the entire crypto ecosystem including BTC and other coins. What do you think about the same? Let us know in the comments below!