After the crypto market added over $400 billion to its total market cap over the past week, the market capitalization reached $2 trillion on Wednesday, only to cool back to $1.9 trillion by Thursday.
According to statistics from Coingecko, Bitcoin led the digital currencies to smash the $2 trillion mark, accounting for more than 43% of the total market share.
Ethereum was no slouch either, gaining a near 19% dominance. Binance Coin, Tether, Cardano, and Ripple complete the most influential cryptocurrencies list.
However, things have cooled down a bit, as the total crypto market cap is now down to $1.9 trillion. Also, Bitcoin and Ethereum have both dropped in prices, explaining the market cap decrease.
While the total value of all cryptocurrencies exceeded $2 trillion yesterday, it’s still far from the ATH it reached in May, when the market cap hit $2.6T.
The recent surge in the coin market value is not unconnected to the recent enthusiasm of investors regarding the future of digital currencies. This has accounted for the resurgence in demand for Bitcoin and a number of altcoins.
Among the factors responsible for the vicissitude of the market cap in the coin market was the tweets from Elon Musk that announced that Tesla had cancelled plans to use Bitcoin as a form of payment.
The market would later bottom in July at $1.2 trillion. The Ethereum London Fork anticipated for early August has been credited to be responsible for the positive market sentiment that has seen the price of top coin rise in the past days.
The value of the coin market has left few analysts in doubt of the prospect that it would soon surpass the capitalized companies in the stock market such as Apple and Microsoft.