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.

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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