December 9, 2022
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Guide & Analysis

Total capitalization of the cryptocurrency market reaches a new historical record of US $ 2.4 trillion

THE total market capitalization of cryptocurrencies reaches a new historical record of $ 2.4 trillion when bitcoin reached $ 58,000 and Ethereum scored yet another ATH at $ 3,560.

After another drop to levels below $ 54,000, bitcoin regained some ground and added about $ 3,000 in value. Most altcoins also rocked, including double-digit gains for Cardano and Ripple and a new ATH for Ethereum. In contrast, Dogecoin retreated after the latest hikes of around 10%.

Bitcoin touched at $ 58,000

After exceeding $ 59,000 on May 3, bitcoin started to fall back a bit quickly. In a matter of 48 hours, the cryptocurrency lost about $ 6,000 and dropped to less than $ 53,000.

The bulls took over at that point and reversed the trend. The BTC first rose above $ 55,000 before starting another impressive hike in the past few hours.

The latest price hike led bitcoin to an intraday high of just $ 58,000. However, the primary cryptocurrency has failed to overcome that specific level and has decreased by about $ 1,000 since then.

From a technical point of view, the BTC’s first resistance line is at $ 58,355, followed by $ 59,000 and the old $ 60,000 nemesis. In contrast, the asset can count on support levels of $ 56,835, $ ​​55,400 and $ 54,050, in the event of another setback.

Total capitalization of the cryptocurrency market reaches new record

Alternative currencies have also declined slightly in the past few days, but, like their leader, have again registered highs. Ethereum, who stole the show recently, marked yet another high point. This time, the second largest cryptocurrency peaked at $ 3,560 in its latest record.

Cardano has risen more than 13% in the past 24 hours and was just inches from setting his own record, well above $ 1.55. Bitcoin Cash is the most significant winner in the top ten, after a 23% increase over $ 1,300.

Ripple (15%), Polkadot (7%), Binance Coin (3%) and Litecoin (1%) are also on the positive side.

On the other hand, Uniswap, Chainlink and Dogecoin have been redone since yesterday. The 10% drop in DOGE pushed the asset to less than $ 0.60.

Overview of the cryptocurrency market. Source: Quantify Crypto

Other fluctuations are evident in mid and low capitalization altcoins, as expected. Telcoin leads with a massive 95% increase, reaching almost $ 0.04. Bitcoin Gold (35%), Verge (27%), Qtum (25%), 1inch (25%), Avalanche (24%), NEM (22%), EOS (20%), Stellar (20%) and more , are next.

Finally, the cumulative market capitalization of all cryptocurrency assets also reached a record high of almost $ 2.4 trillion. The metric expanded by more than $ 200 billion in just two days.

Crypto Market Cap. Source: CoinMarketCap

Source: CryptoPotato

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