The total market capitalization of cryptocurrencies has just broken the milestone of US$2 trillion for the first time since May, reflecting a bullish trend since earlier this month.
- On Wednesday night Hong Kong time, the total crypto market cap reached US$2.007 trillion and stood at US$2.002 trillion on Thursday at noon, according to data from CoinGecko.
- This was the first time the total cryptocurrency market cap recovered back to US$2 trillion since May this year. On May 12, the total crypto market cap hit a record high at US$2.555 trillion.
- Bitcoin dominance is currently at about 43.4% while Ethereum’s Ether represents 18.8% of the total cryptocurrency market. On Jan. 1 this year, Bitcoin’s market dominance was 71%, far above Ethereum’s 10%.
- Over the past seven days, Bitcoin’s price rose by 16%, while Ether was up approximately 18%, according to the CoinGecko data.
- Ethereum’s price shot up further as the London upgrade went live, surging in the hours before the update and trading volume spiked globally.