Crypto market reaches new record market capitalisation

Crypto market reaches new record market capitalisation of 1.13 trillion. US dollars

The cumulative market value of all cryptocurrencies, or total market capitalisation, reached a new record of US$1.139 trillion at 08:50 UTC today (4 February). US dollars. Analysts usually draw a comparison between bitcoin and gold, but with this development the total value of the crypto market has already approached the market capitalisation of silver, which is slightly below 1.5 trillion US dollars. US dollars.

After the 1 trillion The next milestone has now been reached, which is primarily due to the fact that the driving forces Bitcoin (BTC) and Ether (ETH) are currently well in the running, whereby the second largest cryptocurrency has recently been able to gain even more market share. While Bitcoin’s market dominance was still 69% at the beginning of January of Bitcoin Loophole and Ether could only pull in 13.5%, CoinMarketCap shows for this week that the market shares of Bitcoin and Ether amount to 62.2% and 15.6% respectively.

Ether’s relative gain can be attributed to a record week that saw the top altcoin hit a new record high of US$1,653 yesterday, 3 February. This brought Bitcoin’s market share down to 61.6% on the same day.

At the time of going to press, Ether has risen again by 6 %, which means that a price of 1,623 US dollars is currently on the tableau

Bitcoin, meanwhile, managed a 3.5% gain, which in turn lifts the market leader’s price to US$37,142. Ether’s record run has also seen transaction fees on the Ethereum blockchain skyrocket, which is detrimental to many DeFi projects based on it. However, Ethereum co-founder Vitalik Buterin has already proposed a new „burn mechanism“ for Ether that could remedy this. Influential crypto asset management firm Grayscale Investments welcomes the move, suggesting that it could create „a positive feedback loop“ for Ether’s price.

Some crypto experts, meanwhile, think there are good conditions for a bitcoin rally above US$40,000. Among other things, bitcoin options worth 1 billion US dollars expire tomorrow, which could already provide some upward momentum.