The total crypto market capitalization has recently reached $2 trillion for the first time since May. The total value of all digital assets in circulation reached $2 trillion on Wednesday three months after the last time the total value peaked. The major bellwether for the health of the overall market offers captivating evidence that buyers are once again in control of the market, an indication that the market was in good shape.
According to a recent data report that measured the market by capitalization, the values of digital assets peaked at $2.007 trillion on Wednesday. The report also showed that the digital asset class had risen by 4.6% in the past 24 hours. In the week-over-week report, the crypto market has added 25% or $400 billion.
In another report, the dominance of the leading crypto asset in the market has fallen. Bitcoin, the largest and the most influential digital asset constitutes 43.7% of the total market. On the other hand, Ethereum accounted for 18.9% of the total market share.
In another data report, the price of Bitcoin rose up by 3.3% or $46k, while the price of Ethereum had risen up to 5.2% adding to $3k in its prices.
As shown in a previous report, the crypto market reached the peak of its valuation of $1 trillion in January. The cumulative value doubled three months after reaching its peak at the start of the year. The total value of digital assets peaked closer to $2.6 trillion in May, but due to a major downturn at the time, the total market cap was effectively halved after peaking.
The crypto market recovered from the downturn thanks to a confluence of forces that accelerated the market’s recovery. The market reached its current position due to a wave of institutional buyings, and a steady accumulation of digital assets by retail investors. Venture funding for crypto and blockchain startups has aided the total market rally. Supply-squeeze undertone has influenced Bitcoin’s rally, which evidently also allowed Altcoins to regain their momentum and reassert their dominance.
Many figures in the crypto market have maintained their bullish biasness despite the ongoing regulatory developments in the United States. President Biden’s infrastructure bill was recently passed in the Senate earlier this week which might impose tax reporting requirements on protocol developers, an action that many figures in crypto space were against.