The crypto’s total market cap broke the $ 2.5 billion mark today and for the first time since May is close to its all-time high of $ 2.57 billion reached the same month. Meanwhile, bitcoin’s (BTC) dominance is weaker today than when the coin’s price peaked in mid-April.
The $ 2.5 billion mark was reached after the crypto market registered significant gains in recent days – with market capitalization rising by $ 110 billion since Wednesday alone.
In addition, today’s milestone also means that the market capitalization of all crypto-assets rose by more than 30% in just over two weeks, from $ 1.84 billion on September 29 to 2. , $ 44 billion at noon UTC on October 15.
The rise in market capitalization followed sharp rises in the price of bitcoin, aided by reports that the United States Securities Commission (SEC) is expected to allow the listing of the first exchange-traded fund (ETF) backed by bitcoin futures in the United States next week.
Meanwhile, it’s worth noting that bitcoin’s dominance over the overall crypto market valuation is weaker now than when bitcoin’s price hit all-time high in April. At the time, Bitcoin’s share of the crypto market was around 54%. To date, bitcoin’s dominance is around 44% to 46% (according to one data provider), having remained relatively stable around 40% since mid-May.
Bitcoin’s slightly weaker dominance this time around indicates that more altcoins are seeing growth in their market capitalization. However, it is also important to note that the number of altcoins is constantly increasing which, all other things being equal, is reducing bitcoin’s share of the crypto market.
Currently, the CoinGecko crypto tracking website has 9,749 different coins and tokens as part of the total crypto market.
Commenting on the latest price movements in the crypto market, Ruud Feltkamp, CEO of the crypto trading bot Cryptohopper attributed much of the gains to the historically good performance seen in October.
“October is almost always a good month historically, and this year is very similar to 2017. Before Bitcoin broke its ATH, it always struggled to break through the great resistance. Once broken, it will be a long, volatile road to the top. In 2017, the peak was between Christmas and New Year’s Day. Will this year be the same? I think so, ”Feltkamp wrote in an emailed comment.
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