The crypto-verse seems to be getting bigger lately because the total market capitalization of cryptocurrencies has surged past a new two year high. This was largely due to the recent rally in BTC, ETH, and XRP and many altcoins in play.
Data from Coingecko, an advanced crypto tracker firm, revealed that the market capitalization value of the cryptocurrency market stands at $380 billion at the time this report was drafted.
BTC played a major role in the crypto market’s value, contributing about 57% of the market’s total capitalization.
However, altcoins and other crypto assets have made impressive gains in recent months as BTC continues to be fairly stable in terms of price volatility.
In addition, there are presently about 5,871 listed crypto coins, 382 crypto exchanges, and a cumulative trading volume of over $72.6 billion.
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.
The past couple of months were all about bitcoin and large-cap assets like Ethereum, Ripple, and Tether attracting more investors. But the narrative has quickly switched back DeFi tokens and other altcoins.