According to data provided by Goingecko, the overall cryptocurrency market capitalization has exceeded the $2 trillion landmark. Evaluation of Coinmarketcap suggests that the market is still estimated marginally lower, at $1.98 trillion.
Bitcoin’s capitalization still outstrips the collective value of all other cryptocurrencies – its dominance index currently is close to 57%. Together with Ether (with a capitalization of around $243 billion), they “weigh” 67.6% of the whole market. The third place is occupied by Binance Coin with a capitalization of $57.8 billion.
The crypto market struck its second trillion just a couple of months after topping $1 trillion. This occurred on January 7, when Bitcoin was changing hands at $34,000.
So far this year, Bitcoin has experienced a number of corrections, but throughout the month it has steadily held above $50,000, averting Ether and other altcoins from moving back. Furthermore, just a few days ago, the Ether price achieved another record level – $2,155. Some traders think that it was the stable consolidation of Bitcoin between $55,000 and $60,000 that drove Ether to break over a new all-time high.
Fund managers are enthusiastic about the crypto market too, at least in the short term. For instance, Moonrock Capital associate Jonathan Habicht noted that numerous traders are going to acquire Bitcoin, Ether, and other major crypto assets throughout the fall, but a bear market ought not be anticipated at least until the summer.
“Bullish attitude” in the crypto market is powered by the upcoming setting of shares of the Coinbase exchange on the stock market. Coinbase declared it has received approval from the US Securities and Exchange Commission. Coinbase shares will be enumerated directly on the Nasdaq on April 14 and will be found under the ticker COIN in the $300-350 price range. Coinbase’s opening to the stock market will attract the attention of conventional investors, which could propel the demand for cryptocurrencies yet more.
