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Category: crypto market cap

Bitcoin Dominance Down As Market Hits $2 Trillion, Altcoins Are Taking Over

Bitcoin market dominance continues to decline as the markets make their way back up the charts. The top cryptocurrency has seen its market share consistently dropping as investors get interested in altcoins. Over the five years since it has been in operation, Ethereum now has a bit under half the market dominance of the digital asset. This has translated to altcoins like Ethereum rallying despite what direction the price of bitcoin is headed. Now, once again, as is the same with all bull markets, the altcoins are breaking away from the influence of bitcoin. As the bull rally continues to rage on, alts are creeping up to steal more market share for themselves. Just this year alone, BTC has lost over 30% of market dominance. Starting out the year in the 73% range, to where it now sits at 44.13%. BTC market cap dominance down to 44% | Source: Market Cap BTC Dominance on TradingView.com Related Reading | Crypto Market Cap Inches Closer To $2 Trillion, What To Expect From The Market Although BTC continues to have the highest market cap of all, alts are seeing increasing numbers. Ethereum’s market cap has seen another upward trend that is sending the asset’s total market cap towards $400 billion. Coming hot on the heels of the London Hard Fork that brought increased interest into the asset. Total Market Cap Hits $2 Trillion The crypto total market cap took a severe beating down three months back when it crashed down from its all-time high of $2.4 trillion. Spending the last three months in a perpetual state of sluggish movement that looked to be the beginning of a brutal bear market. Total crypto market cap hits $2 trillion for the first time in months | Source: Crypto Total Market Cap on TradingView.com A bounce back in the prices of cryptocurrencies all across the market has seen the market cap recover. Breaking the $2 trillion mark for the first time since the crash and now, indicators show that the market could be on its way to breaking the record high. The rebound in the crypto market cap has now seen renewed interest in the market. Bitcoin and altcoins alike have rallied in the past couple of weeks, leading to a breaking of $2 trillion. More projects are fueling the interest of their investors.  Projects like Cardano and Ethereum continue to be top of mind in the market. Their continued dedication to making their network optimal drives continued faith in the market. Altcoins Will Rally With Or Without Bitcoin The market dominance of BTC shows that altcoins are on their way to being completely independent of what is happening to the top crypto. Prices of cryptocurrencies have historically always rallied behind bitcoin. But it seems that that era is coming to an end. Related Reading | Why A Shocking Altcoin Season Could Be On The Horizon Soon, some altcoins will have taken enough market share from bitcoin to put them on almost equal footing. This will mean that the prices of these alts with high market dominance will also determine the direction of the market, regardless of what direction BTC is facing. This is why “alts season” is a popular saying in the market. Every time altcoins take market share from the top cryptocurrency, the market sees a rally in the prices of alts. Whereas at the same time, the price of bitcoin could be stagnant or even be experiencing a downward trend while alts record massive gains. Featured image from Personal Financial, charts from TradingView.com
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Crypto Market Cap Inches Closer To $2 Trillion, What To Expect From The Market

Crypto market inches closer to a $2 trillion market cap with each rally. The total market cap had crashed following its peak back in May when the entire market saw a crash across prices. Since then, the movement of the market cap has wavered between slight recoveries and dips. The total crypto market cap had crashed to as low as $1.2 trillion at some point in June. The market cap has now resumed its upward climb, seeing the price of top coins post tremendous gains in the market. Getting back up to $2 trillion remains a big point for the market in general. The total crypto market cap has gained over $500 billion in the past three weeks. Culminating in the present market cap value of over $1.8 trillion. Related Reading | Bitcoin Accumulation Patterns Shows Rally Might Only Be In Its Early Stages Price Surge Following $2 Trillion Market Cap A price surge is sure to follow the crypto market hitting a $2 trillion market cap. The last time the total market cap hit $2 trillion saw the price of bitcoin pass $60K. With Ethereum shooting past $4,000. Total market cap nears $2 trillion mark | Source: Crypto Total Market Cap from TradingView.com Market cap numbers are calculated by multiplying the current circulating supply of an asset with the current price of that asset. The total crypto market cap is then gotten by adding up all of the market caps of the active cryptocurrencies in the market. This means that the higher the price of an asset goes, the higher the market cap of that asset. By extension, this leads to an increase in the total market cap. As coins continue to see increasing prices, the total market cap is going to continue to grow, which, so far, has continued a steady climb towards $2 trillion. Crypto Getting More Valuable As inflation rages through countries and wages, interest rates not going up to keep up with the inflation rate, individuals and institutions will continue to look for alternatives that will provide an adequate hedge against growing inflation. Investors have now turned their attention to crypto. Coins like bitcoin have a deflationary nature which means that they are designed to become more scarce over time. With only 21 million coins programmed to ever go into circulation, bitcoin provides the perfect hedge against inflation. This has sent investors running into the crypto market to own a piece of an asset that will appreciate at a rate faster than the inflation rate. Related Reading | Here’s What Happens To All Of The Crypto Assets The IRS Seizes The new EIP-1559 release that sees ETH fees being burned instead of being rewarded to miners also puts Ethereum on a track to become deflationary. This has triggered renewed interest in ETH as one of the cryptocurrencies with the potential to help hedge against inflation over time. Indicators continue to show that the total market cap will continue to rally following increased interest in the market. $2 trillion continues to be the value target for the market. Featured image from CoinMarketCap, chart from TradingView.com
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