The crypotoverse seems to be getting bigger lately because the total market capitalization of cryptocurrencies has surged past a new 5-month high. These were largely contributed by the recent rally in BTC, ETH, and XRP and many altcoins in play.
Data from Coinmarketcap, an advanced crypto tracker firm, revealed that the market capitalization value of the cryptocurrency market stands at $323 billion at the time this report was drafted. BTC played a major role in the crypto market value, contributing about 62% of the whole crypto market capitalization.
What this means: This incredible feat in the crypto market shows global investors and traders are rushing into digital coins, and hedging against inflation-prone assets like currencies. Although the crypto market experienced some slight lows in the past week due to the resurging COVID-19 caseloads, the market seems to have bounced back again.
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In the past 48 hours, Bitcoin gained +9% as it nears $11,000 for the first time in 11 months. Additionally, amongst the top 100 highest market capitalized crypto assets, 20 of the 30 projects that have had positive gains in the past day are in the top 40. The past couple of months were all about Defi and altcoins having all the fun. But the narrative has quickly switched back to bitcoin and large-cap assets like Ethereum, Ripple, and Tether.