Total crypto market capitalization hits $3 trillion for the first time

With Bitcoin trading within 2% of its all-time high and Ethereum, Solana and Polkadot entering ranges never seen before, CoinGecko estimates that the combined market capitalization of cryptocurrencies topped 3% for the first time. trillion dollars.

On Oct. 20, the total market capitalization of cryptocurrencies surpassed its previous record of $2.62 trillion and has grown a further 14.5 percent in less than three weeks, according to data from CoinGecko.

Previously, the total market capitalization of cryptocurrencies peaked at nearly $2.62 trillion on May 12 of this year before rebounding from a low of $1.24 trillion on July 20. In the previous bull market cycle, the total market value of digital assets hit a high of $848.6 billion on January 6, 2018.

CoinGecko’s data tracked 10,418 digital assets across 518 cryptocurrency exchanges.

While Bitcoin’s price has risen sharply over the past two years, Bitcoin’s market dominance has fallen by 42.8% since reaching a high of 70.8% on September 6, 2019.

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Bitcoin still beats its biggest competitor, Ethereum, with a 40.5% ($1.22 trillion) market share, which stands at 18.6% ($560 billion), compared to a combined market capitalization share of all other cryptocurrencies of 40.9% ($1.24 trillion) -- a testament to the growing diversity in the digital asset space.

According to Messari’s Ethereum Screener, which currently tracks 209 projects built on the Ethereum network, the Ethereum ecosystem currently has a market capitalization of $829 billion and a dominance of 27.6%.

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