Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
The overall value of the crypto market makes it $100 billion more valuable than Apple. The $1.1 trillion value of Bitcoin puts it ahead of the likes of other heavyweight companies including Tesla and Facebook.
The general crypto market was a bit stagnant in the last couple of days. However, Ethereum, Binance coin, and XRP have in the last 24 hours followed the steps of Bitcoin to send the cryptocurrency market cap to $2.3 trillion. Ethereum alone has contributed about $369 billion to the overall market cap. BNB has also contributed $98 billion followed by XRP adding $74 billion to the total $2.3 trillion market value.
The current market cap of XRP means the digital asset makes up around 3.2% of the total market cap. Bitcoin remains the dominant digital asset with a total contribution of $1.1 trillion, which is a 47.7% of the total market value. Ethereum on the other hand makes up 15.7% followed by Binance coin with 4.1% of the total market cap.
In the last 24 hours, Bitcoin has gained a 3.94% value to move from $56,090 to a current price of $58,800. On the way up, Bitcoin encountered a resistance price of $58,355. After breaking this line, it met another resistance level of $59,000 with the other hindrance set at $60,000. Interestingly, Bitcoin can fall on $56,950, $56,400, and $55,400 in any attempt to pull back.
The altcoins have this time around surged significantly with Ethereum rising by over 10% in the last 24 hours to near $3,200. A year by this time, Ethereum was trading at just $200. The current run means the digital asset has seen over 1400% surge. Uniswap and NEO both surged by over 12%, Ethereum Classic by 13%, Aave by 10.8% with Binance coin rising by over 4%. On January 1, 2021, XRP was trading at $0.23. Today, it is hovering around $1.6 which is over a 500% increase from the start of the year. XRP has surged by over 40% in the last 7 days.
The cumulative market capitalization expanded by 70 billion in a day, and 250 billion in just 4 days.
The overall value of the crypto market makes it $100 billion more valuable than Apple Inc (NASDAQ: AAPL). The $1.1 trillion value of Bitcoin puts it ahead of the likes of other heavyweight companies like Tesla Inc (NASDAQ: TSLA) and Facebook Inc (NASDAQ: FB).
The incredible run of Ethereum also puts it above the likes of Paypal Holdings Inc (NASDAQ: PYPL), Nestle SA (SWX: NESN), and the Bank of America Corp (NYSE: BAC). Curtis Ting, a managing director at the Kraken cryptocurrency exchange disclosed the behavior of the market that has seen Bitcoin losing its dominance since 2018.
“The past month has seen a marked shift from bitcoin into ‘altcoins. Kraken Intelligence analysis shows the combined weighted average market caps for alternative crypto subsectors – DeFi, NFTs, and Layer-1 protocols like ETH – are all up by 28%, 36%, and 44%, respectively, ” said he.
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