The total cryptocurrency market cap could soon reach the $2.5 trillion mark following an impressive rally from Bitcoin and the other leading cryptocurrencies.
Total Crypto Market Cap Touches $2.3 Trillion
The cryptocurrency market has embarked on a rally since the start of the month. The fourth quarter of the year is shaping out to be a positive one for the market, and it could record more wins over the coming weeks and months.
The total cryptocurrency market cap touched the $2.3 trillion mark for the first time in months earlier today. The rally comes as Bitcoin and other leading cryptocurrencies embark on an impressive run.
Thanks to the market’s latest performance, the total cryptocurrency market cap could reach the $2.5 trillion level in the coming days or weeks. For that to happen, Bitcoin and the other cryptocurrencies have to rally higher in the coming days or weeks.
Bitcoin’s performance has been excellent over the past few days. Since the start of the month, BTC’s price has rallied by nearly 27%m outperforming most of the other major cryptocurrencies. Bitcoin is currently trading above the $54k mark and is likely to surpass the $55k resistance level in the coming hours.
Bitcoin’s rally could extend further in the coming days, allowing it to reach $60k and extend beyond that level if the bulls can maintain the momentum. BTC is currently up by more than 7% in the past 24 hours and looks set for further wins. Its market cap is over $1 trillion for the first time in months despite having a market dominance of less than 45%.
Altcoins Are Not Left Out
The cryptocurrency market’s rally is not limited to Bitcoin only. The leading altcoins have also been performing excellently since the start of the month. Ether (ETH), the second-largest coin by market cap is up by 20% in the past seven days and has crossed the $3,600 mark.
Binance Coin (BNB) has outperformed Cardano (ADA), rising by 20% against 11% in the past week. The rally has allowed BNB to overtake ADA as the third-largest cryptocurrency by market cap. XRP, Solana (SOL), Dogecoin (DOGE) and Polkadot (DOT) are the remaining coins in the top ten, and each of them is up by more than 15% in the past week.