The combined market capitalization of cryptocurrencies hit $3 trillion for the first time as leading altcoins hit all-time highs.

As Bitcoin (BTC) trades within 2% of its all-time high and Ethereum (ETH), Solana (SOL) and Polkadot (DOT) approach previously uncharted price ranges, CoinGecko estimates that the cryptocurrency’s cumulative market cap has surpassed $3. . trillion for the first time.

According to CoinGecko, the total cryptocurrency market capitalization hit a new high from the previous record of $2.62 trillion on October 20 and is up another 14.5% in less than three weeks.

The combined market capitalization of cryptocurrencies peaked at almost $2.62 trillion on May 12 of this year and then recovered from a local low of $1.24 trillion on July 20. In the previous bull cycle, total digital asset capitalization peaked at $848.6 billion on January 6, 2018.

CoinGecko data tracks 10,418 digital assets across 518 cryptocurrency exchanges.

Despite Bitcoin’s impressive growth over the past two years, BTC’s market dominance has fallen 42.8% since peaking at 70.8% on September 6, 2019.

While Bitcoin still more than doubles its closest competitor in market share of 40.5% or $1.22 trillion compared to 18.6% or $560 billion with a combined capitalization of all other cryptocurrencies of 40.9% or $1.24 trillion, indicating a growing array of digital assets sector.

On the subject: Mem tokens and dogecoins flood the market as price wars intensify

According to Messari’s Ethereum screener, which currently monitors 209 projects created on the network, the market cap of the Ethereum ecosystem is currently $829 billion, or a 27.6% dominance.

Source: CoinTelegraph

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