Cryptocurrencies regain $1 trillion market value as BTC hits $22,000
The total market capitalization for all cryptocurrencies surpassed $1 trillion on a day of big green candles.
Goodbye Monday gloom, hello optimistic news: the total market capitalization of cryptocurrencies has once again surpassed the $1 trillion level. The market capitalization of cryptocurrencies is now almost as valuable as all the silver on the planet.
A Bitcoin (BTC) price explosion pushed the world’s most decentralized cryptocurrency to the $22,500 range, while Ethereum (ETH) enjoyed a double-digit “big boost” to hit the $1,500 mark. Their combined efforts culminated in a 4.8% increase for the entire cryptocurrency market, taking it to a recent high of $1.02 trillion.
Cryptocurrency market capitalization has once again surpassed the 1 trillion mark!
Is it too early to start being optimistic?
Bitcoin has regained its market value target of $420 billion, while Ethereum is doing very well with a total market value of $180 billion, having added over $20 billion in the last 24 hours. According to the chart below, the last time the cryptocurrency market surpassed the $1 trillion level was on June 13.
Total cryptocurrency market capitalization for the past 3 months according to coinmarketcap.com/charts
A reminder about market capitalizations; In the case of Bitcoin and most mined cryptocurrencies, “market capitalization” refers to the total value of all mined coins. In the case of Bitcoin, it’s simple: multiply the total number of Bitcoins mined since January 3, 2009 (just over 19,096,775) by the current price of each Bitcoin, about $22,000.
The one trillion dollar mark was welcome news for cryptocurrency advocates on Twitter. They were quick to celebrate the important milestone, while some, like DonAlt, wondered if the new price levels might signal a pullback to the upside:
So now that BTC is active and ETH is over the moon
In fact, the battered market is eager for optimistic news, as the fear and greed index has hovered at “extreme fear” or “fear” for months.
The caution, fear and greed index is still in extreme fear. Source: alternative.me
However, before you grab the champagne, think about the previous all-time record for the cryptocurrency market. It hit the $3 trillion mark in the fourth quarter of 2021, which means that $2 trillion was lost.
The market capitalization of cryptocurrency reached the same value as Apple’s stock in April 2021, before it surpassed $3 trillion. However, Apple is currently valued at $2.4 trillion, while cryptocurrency is at $1 trillion. Consequently, there are a few ways in which cryptocurrencies can act to match one of the largest companies in the world and certainly one of the most well-known.