The cryptocurrency market showed renewed optimism in the past six months, going past $300 billion in just six months for the first time in overall market capitalization.
Not only the leading cryptocurrency but other altcoins have seen to break out their lows after December. On a year-long time scale, previously losing altcoins actually achieved strong returns.
A Small Milestone On The Way To $1 Trillion Valuation
The market capitalization reached around $300 billion after Wednesday when Bitcoin (BTC) spiked above $10,000. Although after that the market dipped a little, it somehow maintained to stay close to the range. Still, at this valuation, the crypto industry is worth only a fraction of the price as compared to other big companies like Apple, Inc (AAPL) with 1.39 trillion estimate.
However, according to the expectations of many economists, the $300 billion valuations is just a small milestone for the market, which has to cover up to $1 trillion. The overall market cap reached above $790 billion in 2017, showcasing its capability to surpass the $1 trillion landmark.
2020 began with significant optimism after a comparatively tame year for BTC and two years of the bear market for altcoins. With a dominance of 62.6%, Bitcoin still holds the most value of the entire crypto market, although the selection of top altcoins shows support for significant liquidity.
Renewed Growth and Interest In Smaller Altcoins
Despite the slight growth seen in the market cap of all small altcoin which indicated increasing interest for the lower asset, most small altcoins seem highly illiquid or forgotten. The altcoin market is not entirely dead yet, and there’s more hope for new returns.
Ethereum (ETH) is leading the rally among the top five cryptos showing 14.63% gain and is expanding its share of the overall market cap without challenging the BTC dominance much. EOS is also nearing double-digit profits with $5.40 valuation per token. With a surge of 25% in the last 24 hours, by far Tezos seems to be the most influential performer in the top 10 list.