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29 March 2024
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Cryptocurrency market once again surpasses R$ 10 trillion

The total market value of the existing 11,335 cryptocurrencies surpassed the R$10 trillion mark again, reinforcing the potential of cryptoactives as an investment and future of the digital economy.

After months of falling, the value of cryptocurrencies rose again in the last 30 days. The f movement is motivated by the recovery of the Bitcoin (BTC) price, which is still trading above US$48,000.

To illustrate the strength of the market’s recovery, this Friday (20) alone, there are around R$ 650 billion in trading on the global cryptoactive market. This is without counting exchange funds, ETFs and regulated investment funds.

Precisely, the market value of cryptocurrencies reached the mark of R$ 10,505,654,000,638, which represents an increase of 7% in the last 24 hours.

Capitalization of cryptocurrencies

Of the BRL 10 trillion, the market valuation of Bitcoin (BTC) is the highest, surpassing BRL 4 trillion. Thus, it represents 42% of the added value. Meanwhile, Ethereum (ETH), the highest altcoin in market value, accounts for 17.9%.

Although the BTC dominance among the 11,000 cryptocurrencies has been reduced, the ETH dominance has not increased as much as that of several other altcoins.

Cardano (ADA), for example, jumped more than 18% in the last 24 hours. Now, it is now positioned as the third largest cryptocurrency on the market.

The market value of the ADA, of around R$400 billion, represents 3.94% of the cryptocurrencies. Binance’s cryptocurrency, the BNB, has around R$352 billion in total value, which represents 3.55% of the total value.

Then comes: Tether (3.17%), XRP (2.42%) and Dogecoin (2.06%). All have a market value above the 2% zone in terms of dominance.

Furthermore, tokens such as Audius (AUDIO), Avalanche (AVAX), Arweave (AR), Terra (LUNA) and Solana (SOL) gained between 74% to 120% in 7 days. AUDIO alone rose 120% on Friday morning and Solana 74%.

Also read: Beyond Axie Infinity: what are blockchain games to make money?

Also read: Bitcoin, Ethereum and Dai are the most sought after cryptocurrencies in Brazil

Also read: Bitcoin aside, altcoin season is about to start again, says trader

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