As the crypto market is getting more mature, the dominance of Bitcoin is dropping. This is understood by the fact that BTC that had most of the market share of crypto, is losing it slowly. In fact, the crypto market cap has increased to $2 trillion recently, which has led to a further decrease in the market share of Bitcoin. Out of this $1.1 trillion is BTCs market cap which is 55% of the entire market.
— Investing.com (@Investingcom) April 6, 2021
Crypto market cap at $2 trillion
Almost all altcoins are doing pretty well in the market. This has led to a significant market cap increase of these coins. After the latest jumps in price, the market cap of crypto increased to $2.02 trillion. This information was provided by CoinGecko and Blockfolio. They also added the fact that out of this $2 trillion, more than 50% market cap was captured by BTC. There are several factors that have led to the recent market cap growth of crypto.
One of the major ones among these is the substantial price increase of Ethereum. It has made an all-time high recently and continues to trade at those levels. On the other hand, smaller altcoins like TRON, DOT, BNB, ADA have also seen major price spikes recently. Another important fact is the number of coins that are being created. As the crypto market gets bigger, more competitors are coming in with their own version of crypto. And many of these are becoming instant hits. One such example is WazirX that surged more than 10 folds recently.
What are your thoughts on the crypto market cap increase? And how quickly the Bitcoin dominance is decreasing? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.