The total crypto market capitalization has reclaimed the $2 trillion level for the first time since April 2022 as positive market sentiment and consistent inflows into spot Bitcoin (BTC) exchange-traded funds (ETFs) pushed BTC’s price higher.
Total crypto market capitalization. Source: TradingView
A rally in Bitcoin’s price brought the world’s largest cryptocurrency by market cap to a multiyear high of $57,513, while Ether (ETH) enjoyed a 7% pump to rest at $3,270 at the time of writing.
Other top altcoins were also flashing green, with Solana’s SOL (SOL) gaining 9% over the last 24 hours to hit $110. XRP (XRP), Cardano’s ADA (ADA) and Avalanche’s AVAX (AVAX) were up 5.3%, 7%, and 6.5%, respectively, over the same period. The 10th-placed Dogecoin (DOGE) enjoyed double-digit gains, climbing 15% to $0.09779.
Their combined efforts have culminated in a 7.7% rally to the global crypto market value, lifting it to a 22-month high of $2.14 trillion, according to data from CoinMarketCap.
To put it into perspective, the crypto market is now some $33 billion bigger than Amazon and $42 billion larger than Google parent Alphabet.
The crypto market has more than doubled within a few months
Crypto enthusiasts on the X were quick to celebrate the return to the $2 trillion mark, with some, such as The Kobeissi Letter, asking whether “new all-time highs are ahead for Bitcoin.”
BREAKING: #Bitcoin is now trading above $56,000 for the first time since November 2021.
Bitcoin is up over 250% from its 2022 low, adding $700 billion in value in less than 2 years.
The total market cap of the crypto market is now at $2.25 trillion, more than double its recent… pic.twitter.com/bwWrASbbRY
— The Kobeissi Letter (@KobeissiLetter) February 27, 2024
Commentators at The Kobeissi Letter noted that total crypto market capitalization has “more than doubled from its recent low” of $978 billion reached on Sept. 11, 2023.
Independent technical analyst Crypto Damus spotted the crypto market cap at $2.06 trillion, saying it was approaching a critical resistance level.
He shared the following chart with his over 36,000 followers on X,…
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