Crypto Market Cap Sets Fresh All-Time High Record at $2.4 Trillion

Crypto Market Cap Sets Fresh All-Time High Record at $2.4 Trillion

Following a stubborn recovery recorded in the last few trading sessions, cryptocurrencies total market capitalisation has set fresh all-time high record at $2.4 trillion.

Data from various exchange indicates that the surge is driven by an untamed recovery in Bitcoin, the largest crypto asset by valuation.

The total crypto market volume over the last 24 hours is $258.96B, which makes a 4.64% decrease. The total volume in DeFi is currently $19.10B, 7.37% of the total crypto market 24-hour volume.

The volume of all stable coins is now $205.26B, which is 79.26% of the total crypto market 24-hour volume. Bitcoin’s price is currently $57,356.74 while its dominance is currently 44.99%, an increase of 0.03% over the day.

After falling to sub $45,000 levels, Bitcoin has continued to rise, though, crypto analysts think the oldest digital asset will hit resistant at $58K.

Data showed that most altcoins have also pumped hard, including double-digit gains for Cardano and Ripple and a new ATH for Ethereum.

This however comes in stark contrast with Dogecoin which has retraced after the latest increases by about 10%.

Bitcoin Touched $58K

After exceeding $59,000 on May 3rd, Bitcoin started to retrace somewhat rapidly. In a matter of 48 hours, the cryptocurrency had lost about $6,000 and dipped below $53,000.

The bulls took charge at that point and reversed the trend. BTC firstly increased above $55,000 before initiating another impressive leg up in the past several hours.

The latest price surge took Bitcoin to an intraday high of just shy of $58,000. However, the primary crypto failed to overcome that particular level and has declined by about $1,000 since then.

From a technical standpoint, BTC’s first resistance line is at $58,355, followed by $59,000, and the old nemesis of $60,000. In contrast, the asset can rely on the support levels of $56,835, $55,400, and $54,050 in case another retracement arrives.

Crypto Market Cap Sees New Record

The alternative coins also slumped slightly in the past few days but, similarly to their leader, have returned to charting gains. Ethereum, which stole the show lately, has marked yet another all-time high. This time, the second-largest cryptocurrency spiked above $3,560 for its latest record.

Cardano surged by more than 13% in the past 24 hours and came just inches away from painting a record of its own as well above $1.55. Bitcoin Cash is the most significant gainer from the top ten, following a 23% surge to above $1,300.

Ripple (15%), Polkadot (7%), Binance Coin (3%), and Litecoin (1%) are also in the green.

Uniswap, Chainlink, and Dogecoin, on the other hand, have retraced since yesterday. DOGE’s 10% decline has pushed the asset below $0.60.

Further fluctuations are evident from the lower- and mid-cap altcoins, as expected. Telcoin leads with a massive 95% surge to nearly $0.04. Bitcoin Gold (35%), Verge (27%), Qtum (25%), 1inch (25%), Avalanche (24%), NEM (22%), EOS (20%), Stellar (20%), and more, are next.

Ultimately, the cumulative market capitalization of all cryptocurrency assets reached a record as well at nearly $2.4 trillion. The metric has expanded by more than $200 billion in just two days.

Ethereum to Break $5,000, Hit Fresh All-Time Highs

Crypto Market Cap Sets Fresh All-Time High Record at $2.4 Trillion