After only 3 months since it hit $1 trillion, the total crypto market cap has now crossed the $2 trillion mark.
The new milestone now puts the total market cap of the crypto industry to almost the same valuation as Apple, the second-largest company in the world after Saudi Aramco, the oil giant.
The new milestone comes amidst major catalysts that include:
- Financial institutional adoption of bitcoin – PayPal, Visa, Tesla
- Interest in alternative digital assets – DeFi, NFTs
- Coinbase IPO market sentiment
- The decline of the US dollar – Dollar global reserves decline as countries pursue a de-dollarization strategy
The new market cap milestone also comes with a few twists:
- Ether hits a new all-time high
- Bitcoin dominance drops to below 55%
- Bitcoin total market cap hits $1.09 trillion
- BitTorrent moves up to top 10 among top volume cryptos
- Bitcoin and Ethereum continue to be the dominant market forces accounting for nearly two thirds of the total market cap
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