The altcoin rally over the past 2 weeks has led the total market cap of the cryptocurrency markets to rise quickly to surpass $3 trillion for the first time.
Major Milestone for Crypto
The total market capitalization of the cryptocurrency markets has finally surpassed the highly coveted $3 trillion mark for the first time on Nov. 7.
The market cap of the entire crypto market stood at $2 trillion on Oct. 1 this year. In less than 40 days, as per data from CoinGecko, the market cap has increased by more than 50%—an incredible feat for the growth of an entire market.
“Since the beginning of this year, the crypto market has started a magnificent bull market, which is closely related to loose liquidity and the choice of Bitcoin as an anti-inflation tool. In addition, such as Defi, NFT, and metaverse, blockchain has more application scenarios. And millennials’ preference for digital assets is also an important reason for the bull run,” stated Du Jun, the co-founder of Huobi Global, in a conversation with BSC News about the market conditions that led to this milestone.
An altcoin rally spurred the $3 trillion milestone. This is evident in the fact that the Bitcoin dominance (BTCD) rate is currently at 40.54%, a 40 day low, as per data from CoinGecko.
The altcoin rally is being led by the most prominent altcoin, Ether (ETH). The token hit a new all-time high of $4,748.32 on Nov. 8, as per data from CoinGecko. ETH’s market cap dominance currently stands at 18.63% of the entire cryptocurrency market. As previously reported by BSC News, the token hit its previous all-time high of $4,638.45 on Nov. 2 on the back of the Altair upgrade that the network went through on Oct. 27.
About Ethereum Foundation
Ethereum is the most utilized blockchain network by various Decentralized Finance (DeFi) protocols. The total value locked (TVL) in the network via DeFi protocols currently stands at $143 billion, as per data from DappRadar. Its native token, ETH, is the second most prominent cryptocurrency in the crypto-verse with a market capitalization of $561.2 billion, as per data from CoinGecko.
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Source : solana.news