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The market capitalization of all cryptocurrencies has surpassed $1 trillion in a single day of large green candles.
Goodbye, Monday blues, and sound, positive news: the entire market capitalization of cryptocurrencies has reclaimed $1 trillion. The market capitalization of cryptocurrencies is almost as valuable as all the silver on Earth.
A price pump for Bitcoin (BTC) pushed the world's most decentralized cryptocurrency into the $22,500 level, while Ethereum (ETH) had a double-digit "Giga pump" to approach the $1,500 threshold. Their combined efforts have resulted in a 4.8% boost to the whole cryptocurrency market, propelling it to a new all-time high of $1.02 trillion.
Bitcoin recovered the meme-worthy market value objective of $420 billion, while Ethereum’s market cap increased by more than $20 billion in the previous 24 hours to reach $180 billion. According to the graph below, the last time the cryptocurrency market exceeded $1 trillion was June 13.
In the case of Bitcoin and the vast majority of other mined cryptocurrencies, “market cap” refers to the total worth of all generated coins. Multiply the total amount of Bitcoins from January 3, 2009 (about 19,096,775) by the current price per Bitcoin, which is around $22,000.
The trillion dollar threshold was greeted with excitement by cryptocurrency proponents on Twitter. Some, including DonAlt, questioned if the current price levels indicated a positive reversal: Given that the fear and greed index has been at “severe fear” or “fear” for months, the beaten-down market is eager to embrace optimistic news.
Before popping the champagne, consider the last crypto market capitalization peak. It surpassed $3 trillion in the fourth quarter of 2021, indicating a loss of $2 trillion.
In April 2021, the market capitalization of cryptocurrencies matched the number of Apple’s shares before topping $3 trillion. However, Apple is presently valued at $2.4 trillion, compared to $1 trillion for cryptocurrencies. Therefore, crypto has a ways to go before it can compete with one of the world’s largest and most well-known firms.
