The rally from the past two weeks has pushed the cumulative market cap of all crypto assets to above $1 trillion for the first time since the FTX debacle.
This comes amid the massive price surge from several altcoins, such as Solana, Polkadot, Polygon, Avalanche, and others.
The start of 2023 has been quite spectacular for the cryptocurrency market following the painful 2022. The largest digital asset went from around $16,500 to over $21,000 in about two weeks.
This 27% increase meant that the asset recovered all losses that came from the FTX collapse in November. It also helped BTC’s market cap to touch $400 billion, and its dominance is up to almost 41% after dropping to 39% last week.
Although bitcoin’s dominance is on the rise in the past few days, several altcoins have actually outperformed it. Solana is a prime example. SOL was among the most harmed asset following the FTX crash due to its affiliation with the former empire led by SBF.
This culminated in a drop below $8 at the end of 2022. However, things started to change following some positive words by Ethereum’s co-founder Vitalik Buterik, and SOL went on a roll. It almost tripled its value in the span of a few weeks and surged above $23 earlier today.
NEAR Protocol is another massive daily gainer, following a 28% surge. MATIC, DOT, TRX, AVAX, and CRO are among the other larger-cap altcoins with double-digit price pumps.
This rally has pushed the crypto market cap to above $1 trillion on CoinGecko for the first time in over two months. This means the metric has added more than $200 billion since the start of 2023.
Cryptocurrency Market Capitalization. Source: CoinGecko
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