Cross-Crypto Market Cap Reaches New All-Time High Due to Altcoin Upheaval
A new all-time high market capitalization has reached cryptocurrency as Bitcoin dominance wanes and altcoins wobble.
Cryptocurrency has reached a new all-time high market capitalization, building on previous highs set earlier this year.
According to data from Coinmarketcap.com, the combined cap of Bitcoin and altcoins reached $27.85 bln on April 2.
24 hour trading volumes across the exchanges registered by the site came in at $856.3 mln. While this was not a new record in itself, figures rose throughout Sunday to challenge previous highs set in 2017. This year has seen bigger trading volumes than any other.
At the same time, Bitcoin’s overall market dominance, which at the start of the year sat at around 87 percent of the total cryptocurrency market cap, has reached new lows.
As of press time on Monday, Bitcoin accounts for just 66.9 percent of the market cap, coming down further as altcoin markets continue to perform.
Cointelegraph previously reported on Bitcoin’s dip to hover just above 70 percent dominance on March 17, as users at the time signaled fears the market would stagnate. That period coincided with some of the highest trading volumes ever witnessed.
Since then, the altcoin market has undergone significant upheaval, with Dash notably losing around half its $100+ value to sit at $56 on Monday.
Conversely, Litecoin, which remained fairly flat throughout Dash’s monumental run, has since doubled to almost $8 per coin.