The slight recovery in the prices of Bitcoin, Ether and other cryptos has helped push the total market cap of the general crypto market higher over the past few weeks
The market cap of the broader cryptocurrency market hit $2 trillion yesterday, according to data obtained from Coingecko. This is the first time the total market cap has hit $2 trillion since the bullish run in May.
The prices of cryptocurrencies have started to recover from the slump of June and July. Bitcoin slipped below the $30,000 mark twice during the recent bearish run. However, BTC’s price began to slowly recover and moved past the $40,000 mark late last month.
Bitcoin continued its ascension towards $45,000 and rose above $46,000 yesterday before retreating again. At the moment, BTC is trading just above $45,000 on most cryptocurrency exchanges. Despite the recovery in price, Bitcoin is slowly losing its dominance in the market.
Bitcoin currently accounts for 43.6% of the total cryptocurrency market cap. In the past, the leading cryptocurrency had a market dominance of over 50-60%. Ether, on the other hand, has seen its market dominance increase in recent months.
Ether reached an all-time high above $4,000 in May but saw its price drop below $2,000 during the bearish cycle. However, it has started to recover and is closing in on the $3,300 resistance level. The surge in Ether’s price and market cap saw it gain a market dominance of 18.8%.
The increase in Ether’s market cap can be attributed to the rising activity from decentralised finance (DeFi) protocols and non-fungible tokens (NFTs). Most DeFi projects and NFTs are hosted on the Ethereum network, making it perhaps the most active blockchain in the world.
In addition to Bitcoin and Ether, other leading cryptocurrencies including XRP, Cardano (ADA), Dogecoin (DOGE), Polkadot (DOT) and Uniswap (UNI) have all experienced a surge in price over the past few weeks. Stablecoins like Tether (USDT) and USDC have also increased their market caps over the past few months.
This booming market is of course remarkably fruitful for cryptocurrency exchanges of all sizes, growing rapidly in rates and earning juicy profits. A handful of these exchanges, such as Guardarian, are becoming the powerhouse for hungry customers to buy their desired bitcoins and altcoins from.