In Brief:
- Combined cryptocurrency market capitalization reached new heights with a $3 trillion market domination
- Leading cryptocurrency, Bitcoin and Ether holding up big portion, respectively 42.8% and 18.6%
After Bitcoin’s marked new all-time high and Altcoins such as Ether (ETH), Solana (SOL), and Polkadot (DOT) also showed positive momentum in the chart, now the combined crypto market capitalization surpassed the $3 trillion number for the very first time.
On Oct 20, The total cryptocurrency domination in the market reached a new benchmark and broke the previous record of $2.62 trillion. After reaching new heights, in less than three weeks its market has increased by nearly 14.5%.
Surprisingly, the domination of Bitcoin decreased to 42.8% after making a top of 70.8% in the year 2019. This year bitcoin set a new record by reaching the value of $68500. It showed a good amount of institutional investments this year. In October alone institutional investors purchased $2 billion worth of Bitcoin.
Bitcoin has a total market of 40.5% or $1.2 trillion. However, this market cap valuation is more than doubled to its closest rival, Ether, which holds 18.6% or $560 billion.
According to Messari’s Ethereum screener, the Ethereum blockchain is holding a market cap of $829 billion or 27.6% of the total market.
