The rally from the past two weeks has pushed the cumulative market cap of all crypto assets to above $1 trillion for the first time since the FTX debacle.
This comes amid the massive price surge from several altcoins, such as Solana, Polkadot, Polygon, Avalanche, and others.
- The start of 2023 has been quite spectacular for the cryptocurrency market following the painful 2022. The largest digital asset went from around $16,500 to over $21,000 in about two weeks.
- This 27% increase meant that the asset recovered all losses that came from the FTX collapse in November. It also helped BTC’s market cap to touch $400 billion, and its dominance is up to almost 41% after dropping to 39% last week.
- Although bitcoin’s dominance is on the rise in the past few days, several altcoins have actually outperformed it. Solana is a prime example. SOL was among the most harmed asset following the FTX crash due to its affiliation with the former empire led by SBF.
- This culminated in a drop below $8 at the end of 2022. However, things started to change following some positive words by Ethereum’s co-founder Vitalik Buterik, and SOL went on a roll. It almost tripled its value in the span of a few weeks and surged above $23 earlier today.
- NEAR Protocol is another massive daily gainer, following a 28% surge. MATIC, DOT, TRX, AVAX, and CRO are among the other larger-cap altcoins with double-digit price pumps.
- This rally has pushed the crypto market cap to above $1 trillion on CoinGecko for the first time in over two months. This means the metric has added more than $200 billion since the start of 2023.
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