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The Crypto Industry Surpassed $2.6 Trillion Over The Weekend

According to CoinGecko data, the total market cap of the crypto industry surpassed $2.6 trillion over the weekend. This restores it to levels last seen in May, when bitcoin first surpassed the $60,000 threshold.

 

Since passing beyond this barrier, the cryptocurrency market has shrunk somewhat to $2.58 trillion.

 

The gain has been mostly driven by bitcoin and ether, which account for 61.5 percent of the market. Bitcoin’s price has more than doubled since the beginning of the year, jumping from $29,000 to $61,000 today. This increased the value of the cryptocurrency market by $616 billion.

 

Ether’s price increase was even more dramatic, rising 411 percent from $738 to $3,775 today. However, due to its smaller market capitalization, it only added $365 billion to the market.

 

However, because ether’s price climbed faster than bitcoin’s, it reduced bitcoin’s market share. Over the course of the year, Ether’s market share increased from 7.4 percent to 17.5 percent. Bitcoin’s supremacy, on the other hand, has fallen from 65.9 percent to 44.9 percent.

The remaining 9819 currencies tracked by CoinGecko account for the remainder of the total market cap. There are 19 additional coins with market capitalizations greater than $10 billion, including Binance Coin, Cardano, and XRP, which account for a sizable chunk of the remaining market.