Crypto Market Cap hit New High of $300B for the first time in over six months. All of the rising cryptocurrencies contributed to this result. There have been some heavy lifters.
13 February, 2020 | AtoZ Markets – Bitcoin (BTC) and altcoins both rises after bottoming out in December, and markets appear to be on the road to recovery. Almost all of the assets are emerging from their lows. The previously losing altcoins have achieved solid returns over one year.
Global Crypto Market Cap Breaks $300B
Cryptocurrency markets have grown by almost $ 20 billion in the past 24 hours, while total capitalization reaches $ 300 billion. It’s the highest level since mid-August, six months ago. Shortly after that, the markets declined slightly but remained close to the range.
At the start of the year, the crypto market valuation was just below $ 200 billion. In less than two months, the Crypto Market Cap was able to earn more than $ 100 billion to reach a new high of $ 300 billion.
But $ 300 billion market cap maybe just a small landmark on the way to a valuation of up to $ 1 trillion. If market capitalization is not a reliable measure and does not correspond to the liquidity of all assets, it nevertheless helps to reveal a trend. In December 2017, overall market capitalization briefly reached more than $ 790 billion, showing that the markets were capable of approaching the $ 1 trillion mark.
Bitcoin is undoubtedly the main piece of the rally. It dominates the market by more than 60%. Its price action has a huge implication on the total market cap. Over the past few weeks, it has increased by more than 44%.
Bitcoin prices jumped more than 6% on February 11, hitting a five-month high of more than 10,350 dollars. With this move, the BTC has jumped almost 55% since the start of 2020. At the press time, the BTC is trading at 5.8% for a price of $ 10,384, with a market capitalization of 187 billion dollars.
If Bitcoin continues to determine itself as a ” safe haven “, it could nevertheless acquire important shares of future market cap landmark.
Ethereum (ETH) Dominance
Ethereum (ETH) is also increasing its share of the overall market capitalization. Today, it leads the rally of the first five cryptocurrencies with a gain of 14.55% (at the press time). It started the year just above $ 120. Now, it has doubled in value to reach current levels of $ 250. The second-largest altcoin by market capitalization was also one of the few coins to soar and fight against bitcoin dominant in January.
Other Altcoin Dominance
Bitcoin Cash Fork’s market capitalization has more than tripled. It went from less than $ 1.7 billion at the start of the 12 months to $ 6.5 billion.
EOS is also doing well, with double-digit gains and a valuation of $ 5.45 per token. Tezos (XTZ) is by far the best performer in the top 10, with an increase of 26% in the last 24 hours. XTZ’s market capitalization is currently just under $ 2.3 billion.
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