The total market capitalization of the entire cryptocurrency market touched the level of $2.2 trillion on Monday after a bullish rally in BTC, ADA, BNB, and ETH. Bitcoin crossed the price level of $50,000 today while Cardano registered an all-time high of $2.88. According to Coinmarketcap, the overall market cap of the entire cryptocurrency market has reached its highest level since 16 May 2021.
The cryptocurrency market cap saw addition of approximately $1 trillion within the last four weeks.
After touching a low of $1.19 trillion on 21 July, the entire crypto market cap of cryptocurrency assets saw addition of approximately $1 trillion within the last four weeks. Bitcoin is the world’s most dominant cryptocurrency, as BTC accounts for 43.7% of the total market cap. ETH comes at the second spot with a crypto market dominance of 18%. Cardano is the third most dominant crypto asset with a market cap of more than $90 billion, nearly 4% of the overall crypto market cap.
Bitcoin breaks above $50,000, hitting a three-month high.
The price of the leading cryptocurrency bitcoin crossed the $50,000 mark over the weekend to hit a 3-month high as the cryptocurrency continues to rebound. Bitcoin rose above that level around 10:40 p.m. ET on Sunday, according to data from CoinMarketCap. At the time of writing, the cryptocurrency is changing hands at just above $50,100. Earlier, Bitcoin hit an all-time high of over $64,000 in April but sold off heavily in June and July, even dipping below $30,000. Earlier today, PayPal announced that the company had launched its cryptocurrency services for UK-based clients. The cryptocurrency market cap saw a sharp increase following the news. Earlier, PayPal CEO had said that cash and credit card payments will decline in the coming time.