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7 December 2023
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Crypto Market Cap Hits $1 Trillion As Exchanges Are Flooded With Buy Calls

Amassive rally in the crypto markets pulls the overall cryptocurrency market cap above $1 trillion for the first time in history. Thanks to Bitcoin (BTC) and some of the popular altcoins like Ethereum (ETH) which have been leading the show over the last year. If we see the monthly chart, the overall crypto market cap has jumped by nearly $450 billion or by a massive 78%.

Courtesy: CoinMarketCap

As per on-chain data provider Santiment, the crypto market rally in the last 24-hours is on the backdrop of massive buying confidence among the crypto crowd. After some early skepticism this week, the bulls have come back strongly.

Well, the result is Bitcoin (BTC) hitting an all-time high above $37,782 as of writing this story hitting $700 billion in market cap. The world’s largest cryptocurrency is now eyeing an imminent breakout to $40,000. Looking at the BTC price movement over the last few weeks this can come possibly in the next 2-3 days itself or even today. One never messes with the Bitcoin bulls!

Interestingly, with the latest price surge, Bitcoin has nearly doubled in size only in the last 40 days since the start of December 2020. With the BTC price rally, the Bitcoin dominance hasn’t changed much in the last 24-hours. Well, thanks to the major participation by altcoins in the recent market rally.

Altcoins Register Massive Surge In the Crypto Market Rally

Along with Bitcoin (BTC), altcoins have also participated in a big way! The Ethereum (ETH) price has crossed $1,200 taking its first-six days gains of 2020 to above 50%. Many analysts believe that ETH is just getting started. At press time, ETH is trading $1,212 with its market cap at $138 billion. Let’s take a look at some of the interesting pointers:

  • This has been one of the strongest moves by altcoins in recent times. The Altcoins market (excluding Bitcoin) has added $100 billion to the overall crypto market cap in a week’s time. Of this, Ethereum alone has contributed over 50% with its market cap surging by $54 billion in the same period.
  • Almost all of the top-ten cryptocurrencies have registered weekly gains between 30-200%. Apart from Ethereum (ETH), some of the other top-performers have been Cardano (ADA – 85%), Stellar (XLM – 190%), Polkadot (DOT – 37%), and Chainlink (LINK – 51%).
  • Surprisingly, after a major crash at the end of December 2020, XRP is back with 40% weekly gains. In the last 24-hours, XRP has surged over 25%.

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