TL;DR Breakdown
- Crypto market cap now stands at $833 billion
- Bitcoin and Ethereum takes lion share of the market
The total market cap for all cryptocurrency assets now stands well over $800 billion with Bitcoin taking a lion share of it with over $600 billion, while that of Ethereum stands at a little just over $100 billion.
The rise in the crypto market cap has been fueled by the bull run of Bitcoin which has continued to break its all-time high record in this new year too. Ethereum has also had a breathtaking start to 2021 with its price crossing the $900 market earlier today.
The market cap of Bitcoin is now the biggest among institutions offering financial services in the world. Bitcoin market cap has beaten that of Visa and MasterCard to perch on the throne as the 11th biggest business in the world.
That of the second largest cryptocurrency, Ethereum is at a distant position though it is also showing promise of growing as the year progresses. Currently, Ethereum’s market cap stands at $104 billion.
The uptrend of the coins has also led to a boost for altcoins like Litecoin, Dogecoin, Vechain and Maker have also seen a rise in their values. Each of these coins has had an increase of over 10% each this year alone.
This has led some crypto analysts to believe that the altcoin season could just be upon us.
Crypto market cap could keep increasing if Bitcoin price consolidates
The crypto market cap could keep increasing if the price of the leading crypto asset consolidated and the altcoin season prospers.
However, if the price of Bitcoin were to dip suddenly, the possibility of an altcoin season succeeding becomes lesser as interests would begin to wane in the crypto industry generally.
The logic behind this is simple, whenever the price of Bitcoin consolidates, investors are likelier to invest in other coins because they are willing to take more risks, but if the price dips, they become risk averse.
