By Alicia Maher
To begin the week, cryptocurrency markets have continued to rise, with the overall market valuation reaching a new all-time peak of $1.17 billion on Monday. According to CoinGecko, the total market value of all digital currencies has achieved a record of $2.27 trillion, which is an all-time high. This is close to its prior historic level of $2.55 trillion, which was set on May 12 during a period when numerous cryptocurrencies were breaking new records of their own.
CoinMarketCap, a cryptocurrency analytics tool, is projecting an overall cryptocurrency market capitalization of approximately $2.27 trillion. The overall market capitalization has increased by 233 percent since the beginning of the year when it was approximately $780 billion. The entire market capitalization hit a record of $830 billion at the last cycle apex in January 2018.
Crypto Surpasses Largest Global Corporations
The total market capitalization of all cryptocurrencies has almost equaled that of the world’s largest corporation. As per CompaniesMarketcap, Apple has a total market cap of approximately $2.39 trillion, placing it at the top of the list. With a market valuation of $2.28 trillion, Microsoft is the second-largest company in the world.
Coincidentally, Bitcoin is driving the majority of the momentum, up 2.7 percent on the day, 14 percent from the previous week, and 32 percent over the last month. Because Bitcoin prices typically peak ahead of Altcoin values, their turn may come once Bitcoin’s price takes a respite. According to CoinGecko, Bitcoin is now only 3.4 percent away from its all-time high of $64,800, which was set on April 14. In terms of market value, Bitcoin is currently worth approximately $1.18 trillion, accounting for roughly 45 percent of the total.
When it comes to corporations, Bitcoin is officially listed as 6th in the world, with a market capitalization greater than Facebook’s $915 billion but less than Amazon’s $1.7 trillion. Ethereum has a market valuation of $458 billion, which is approximately the same as that of Chinese e-commerce behemoth Alibaba. Ethereum makes up 17% of the total market capitalization of cryptocurrencies.
Altcoins Are Worth Billions Of Dollars And Are Increasing
According to CoinGecko, the overall number of cryptocurrencies having a market capitalization greater than $1 billion is 108. The top-20 Altcoins each have market capitalizations greater than $10 billion, while the top ten Altcoins all have market capitalizations greater than $30 billion.
Based on market capitalization, Binance Coin (BNB) is the third-largest Altcoin with a market capitalization of $79 billion, while Tether (USDT) is the fourth-largest Altcoin with a market capitalization of around $70 billion. Cardano’s ADA is now the fifth-largest cryptocurrency by market capitalization, with $69 billion, preceded by XRP, which has $51 billion. Altcoins have seen little movement in the last 24 hours due to Bitcoin’s dominance, which has gained another 2.6 percent on the day to trade at $62,350 at the time of publication.