The cryptocurrency market has accomplished a new milestone, surpassing a total market value of 2.5 trillion dollars.
The cryptocurrency market has accomplished a new milestone, surpassing a total market value of 2.5 trillion dollars.
This rise is attributed to significant gains in several major cryptocurrencies, including Dogecoin (DOGE), Polkadot (DOT), and Filecoin (FIL), along with the continued growth of market leaders Bitcoin (BTC) and Ethereum (ETH).
The main cryptocurrencies
The recent success story of the cryptocurrency market is led by Bitcoin, which now boasts a market capitalization of over $1.25 trillion after a 23.9% rise in the last seven days, reaching a price of 63,802.04 dollars.
Ethereum follows, with a weekly gain of 11.8%, bringing its market cap to $417 billion.
Notably, Dogecoin has seen a staggering 90.9% rise in the same period, raising its market capitalization to over $23 billion.
The overall market has been buoyed by positive trends across the board, with other notable players such as Cardano (ADA) up 33.8% and Shiba Inu (SHIB) soaring 178%.
Cryptocurrency versus traditional assets
When juxtaposed against traditional assets and some of the largest companies in the world, the cryptocurrency market valuation offers a fascinating perspective.
Gold, a long-time safe haven asset, has a colossal market capitalization of $14.079 trillion, dwarfing the cryptocurrency market.
However, when comparing market capitalizations, the cryptocurrency market surpasses many leading tech giants, including NVIDIA ($2.056 trillion), Saudi Aramco ($2.036 trillion), and is even close to Apple’s valuation of 2,774 billion dollars.
However, the companies included in the S&P500 index are currently valued at $43 trillion.
