The total capitalization of the crypto market is close to $2 trillion again

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The slight recovery in the prices of Bitcoin, Ether and other cryptos has helped push up the total market capitalization of the general crypto market over the past few weeks. The market capitalization of the broader cryptocurrency market has reached 2 billion dollars yesterday, according to data obtained from Coingecko. This is the first time that the total market capitalization has reached $2 000 billion since the rise in May. Cryptocurrency prices have started to recover after the collapse in June and July. Bitcoin slipped below 19 19 $ twice during the recent downswing. However, the price of BTC started to slowly recover and broke the mark of 40 000 $ at the end of last month. Bitcoin continued its ascent towards the 45 000 $ and exceeded the 46 000 $ yesterday before pulling back again. Currently, BTC is trading just above 45 000$ on most cryptocurrency exchanges. Despite the price rally, Bitcoin is gradually losing its dominant position in the market. Bitcoin currently represents 43,6% of the total cryptocurrency market capitalization. In the past, the major cryptocurrency had a market dominance of more than 50-60% . Ether, on the other hand, has seen its market dominance increase over the past few months. Ether hit an all-time high above 4 08 $ in May, but saw its price drop below 2 000 $ during the bearish cycle. However, it has started to recover and is approaching the $3 300 resistance level. The surge in Ether’s price and market capitalization has allowed it to gain market dominance of ,8% . The increase in Ether’s market capitalization can be attributed to the growing activity of decentralized finance (DeFi) protocols and non-fungible tokens (NFT). Most DeFi projects and NFTs are hosted on the Ethereum network, which is perhaps the most active blockchain in the world. Besides Bitcoin and Ether, other crypto- Top-tier currencies including XRP, Cardano (ADA), Do Dogecoin (DOGE), Polkadot (DOT), and Uniswap (UNI) have all seen price spikes in recent weeks. Stablecoins like Tether (USDT) and USDC have also increased their market capitalization over the past few months. The post Total crypto market capitalization is approaching 2 again 08Mrd$ appeared first on Buy Bitcoin.

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