Did you say bull run? The total capitalization of cryptocurrencies has just passed the symbolic $2,000 billion threshold, buoyed by soaring prices. What’s going on?
Total cryptocurrency capitalization soars
Total cryptocurrency capitalization hasn’t reached this threshold since April 2022, and the start of the long “crypto winter”. It has been rising sharply since the end of 2023, and reached the highly symbolic $2 trillion threshold this week:
Growth in cryptocurrency capitalization since 2023
This is of course largely due to the notable breakthrough of Bitcoin (BTC), which has risen back above $50,000 in recent days, and is currently approaching $52,000, a key level it briefly broke through.
The largest cryptocurrency alone represents $1,000 billion in capitalization, a dominance that currently stands at 50%. Bitcoin therefore remains the clear king of cryptocurrencies.
Altcoins also in the spotlight
However, other cryptocurrencies are also clearly on the rise this week. Over the last 7 days, Ether (ETH) has gained 15%. Solana’s SOL, currently in vogue, is up 14% over the same period. In the top 10, however, it’s Avalanche’s AVAX that’s up the most, with +21%.
This enthusiasm is also reflected in the shares of crypto companies. Coinbase (COIN) is particularly in vogue, with a share jumping 13% yesterday. This is also the case for mining companies such as CleanSpark (CLSK) and Riot Platforms (RIOT), whose shares are up 11-12%.
Market sentiment is therefore clearly optimistic, and has been ever since Bitcoin spot ETFs were approved. Will the trend last? For many, the hope is to see the largest cryptocurrency regain its all-time high of $69,000.
