It is a landmark day for the cryptocurrency ecosystem as the global crypto market capitalization crossed $2 trillion for the first time in history. According to Coingecko, a crypto data analytics platform, the total market cap at the time of writing is $2,016,138,550,907, up 2.5% in the past 24 hours.
The push in the market is a build-up of fragmented rallies over time. The cryptocurrency ecosystem since its inception is witnessed a massive rollout of innovative projects which today, summed up over 8,000 including Bitcoin (BTC), Ethereum (ETH), XRP (XRP), and the other least popular altcoins.
The cumulative growth of the market capitalization of these assets is a reflection of the overall positive outlook of the global market cap.
Bitcoin Dominance on the Low
Bitcoin (BTC) is the first and the largest cryptocurrency in the blockchain ecosystem, and it continues to wade a heavy influence on the overall market outlook. However, the current $2 trillion valuations of the hoard of digital assets have a lower percentage contribution from Bitcoin, pegged at 54.6%.
True that Bitcoin’s $1,101,199,977,783 trillion market cap accounts for more than half of the global market value, the dominance level is way lower when compared to the over 69% wielded weeks ago. By implication, the continuous reduction in the market dominance of the premier cryptocurrency will help the market attain the long-sought stability, like a huge drop in the price of Bitcoin will not necessarily stir a corresponding drag in the prices of the altcoins, a phenomenon that the current market is prone to.
Expectations of a $10 Trillion Market Cap
The blockchain and cryptocurrency ecosystem is transcending from a nascent space to one of maturity, and a bridle cannot be placed on the anticipated growth. Institutional funds are now flowing into the ecosystem, as decentralized finance offerings are taking the center stage of the ongoing financial revolution.
When these and more of the entire factors fueling the growth of the ecosystem align, a $10 trillion market capitalization may form the new baseline for the hoard of emerging asset classes.