Cryptocurrency News

Cryptocurrency Market Capitalization Reaches a New ATH

By October 20, 2021 No Comments

Key takeaways:

  • The total cryptocurrency market cap has increased to a new peak of $2.65T on the tailwind of a 5.3% 24-hour gain
  • Bitcoin’s all-time high pulls the cryptocurrency industry to new heights

The total cryptocurrency market capitalization has increased past its previous high of $2.54 trillion reached in mid-May and posted a new peak of $2.65 trillion during today’s explosive trading action. The cumulative value of all digital market assets is now higher than the market cap of the biggest publicly traded companies, including Apple, which is worth $2.46 trillion at the time of this writing.

The cryptocurrency market reaches a new ATH of $2.65 trillion

Things are changing fast in the blockchain space. The total market cap was below $2 trillion at the turn of the month and has since gained more than 30%. The sharp increase was fueled by Bitcoin’s rally, which saw the world’s largest cryptocurrency reach a new ATH above the $66K mark earlier today.

The total market cap grew from $1.84T on September 29 to $2.65T today.

As of now, the Bitcoin supply of 18.8 million coins has a combined worth of $1.24 trillion and accounts for little more than 47% of the total cryptocurrency market cap. The second-largest crypto asset, Ethereum, accounts for 18%, while Binance Coin has a market share of roughly 3%. 

The cumulative market value of the top 10 cryptocurrencies is approximately $2.14 trillion, which represents roughly three-quarters of the combined value of all digital assets.

Interestingly, the number of digital currencies with a market cap higher than $1 billion now includes 102 altcoins.

Although a lot has changed since Bitcoin last reached $60K, the biggest crypto is still by far the most important trendsetter in the sector; this was prominently on display today, as Bitcoin’s rally pulled virtually all altcoins along for the bullish ride. For reference, only 6 coins out of the top 100 are trading in the red zone at press time.