The total market capitalization of cryptocurrencies, an important measure of the overall health of this class of digital assets, first surpassed the US $ 1 trillion mark on Wednesday, January 6, at 7pm CET. Bitcoin briefly surpassed $ 37,000 at about the same time, a new all-time record.
Measured by market capitalization, The cryptocurrency class has virtually doubled in the last month, as Bitcoin (BTC) has reached new highs and Ether (ETH) has surpassed $ 1,100 for the first time in three years. Together, the two assets account for about two-thirds of the total market.
Gravity traction of BTC and Etra on the market In the last week, dozens if not hundreds of cryptocurrencies have recorded a double-digit percentage.
The $ 1 trillion capitalization was achieved just days after the market surpassed bullish performance in 2017 and 2018. In the last bullish cycle in early 2018, the total market capitalization reached about $ 830 billion, according to CoinMarketCap.
On that occasion, altcoins reached about $ 547 billion after Bitcoin fell from its highest value in December 2017. The altcoin market is currently worth less than half of that total, highlighting Bitcoin’s dominance in the current cycle so far.
Typically, Bitcoin biconical cycles pave the way for a further rally in altcoins, often larger than the initial BTC rally. The crypto community, called the “altseason” in the crypto community, the parabolic rise of altcoins can happen quickly, and investors have little time to prepare.
Many crypto enthusiasts predict that 2021 will be good for Bitcoin and altcoin. Odds growing institutional demand for BTC, the ubiquity of cryptocurrencies on ramps and the natural tide and flow of four-year market cycles for your optimism.