In a day of large green candles, the combined market capitalization of all cryptocurrencies has surpassed $1 trillion.
Goodbye, Monday blues, hello good news: the total market capitalisation of cryptocurrencies has once again surpassed $1 trillion. Almost all of the silver in the earth is now worth more than the whole cryptocurrency market cap.
The most decentralized cryptocurrency in the world, Bitcoin (BTC), experienced a price pump that sent it into the $22,500 level, while Ethereum (ETH) experienced a double-digit “Giga pump” that took it close to the $1,500 threshold. Together, they were able to boost the total cryptocurrency market by 4.8 percent, taking it to a recent high of $1.02 trillion.
With a market cap of $180 billion after gaining more than $20 billion in the last day, Ethereum is enjoying itself while Bitcoin recovered the meme-worthy target of $420 billion. According to the graph below, the cryptocurrency market last crossed the $1 trillion threshold on June 13.
A quick refresher on market capitalizations: The “market cap” refers to the total worth of all created coins in the case of Bitcoin and the majority of other cryptocurrencies. It’s easy to calculate the value of one Bitcoin simply by dividing the total amount mined since January 3rd, 2009 (a little over 19,096,775) by the approximate $22,000 price of one Bitcoin at the moment. I
The trillion-dollar milestone was good news for cryptocurrency supporters on Twitter. They were quick to commemorate the significant achievement, while some, like DonAlt, wondered if the new price levels may portend a positive reversal:
So now that BTC is up and ETH is giga mooning
At what price level would a new bull market be confirmed for you guys
— DonAlt (@CryptoDonAlt) July 18, 2022
Given that the fear and greed index has been stuck at “severe fear” or “fear” for months on end, the battered market is anxious to bask in the good news.
However, before popping the cork on the champagne, take a moment to remember the previous all-time high for the cryptocurrency market cap. In quarter four of 2021, it crossed the $3 trillion threshold, losing $2 trillion since then.
Before hitting $3 trillion, the crypto market cap equaled the price of Apple’s stock in April 2021. While cryptocurrency is currently valued at $1 trillion, Apple is currently valued at $2.4 trillion. As a result, there are a few steps crypto can take to compete with one of the biggest and most recognizable firms in the world.