The total value of all cryptocurrencies in circulation moved past $2 trillion on Wednesday, the first time in nearly 3 months as buyers turn their attention to digital assets once more.
Digital asset market capitalization reached $2.013 trillion on Wednesday, according to data from CoinGecko.
Over the past 24 hours, the digital asset class has risen by 4.7%.
Bitcoin (BTC), which is the largest and most popular cryptocurrency, maintained dominance with 43.4% of the overall market while Ethereum (ETH), has 18.9% of the market share.
The cryptocurrency market reached a total value of $1 trillion in January before more than doubling three months later. The market capitalization peaked at $2.618 trillion on May 12, 2021.
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At the time of writing, Bitcoin is up 1.57%% to $46,330.6 while Ethereum is up 2.56% to $3,236.40, according to Investing.com Index.
XRP has gained 22.42% to $1.03283 while Dogecoin is gaining 12.34% to $0.275665.
Cardano is up 15.26% to $1.851479, and Binance Coin is up 8.25% to $402.00.
According to Cointelegraph, “A confluence of forces is working together to aid crypto’s recovery. A wave of institutional buying, steady accumulation by retail investors and billions in venture funding for crypto and blockchain startups have all contributed to the rally.
“Supply-squeeze undertones have been largely responsible for Bitcoin’s rally, which appears to have paved the way for altcoins to reassert their dominance.”
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.