Crypto Market Cap Taps $1 Trillion As SOL And DOT Blast Into Double Digits

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The rally over the past two weeks has pushed the cumulative market capitalization of all crypto assets to over $1 trillion for the first time since the FTX debacle.

This comes amid the massive price surge of several altcoins, such as Solana, Polkadot, Polygon, Avalanche and others.

The start of 2023 was quite dramatic for the cryptocurrency market after the painful year of 2022. The biggest digital asset rose from around $16,500 to over $21,000 in about two weeks. This 27% increase means that the asset has recouped all losses resulting from the collapse of FTX in November. It has also helped BTC’s market capitalization to reach $400 billion, and its dominance rises to almost 41% after falling to 39% last week. Although bitcoin’s dominance has been on the rise in recent days, several altcoins have actually surpassed it. Solana is a prime example. SOL was one of the hardest hit assets after the FTX crash due to its affiliation with the former SBF-run empire. This culminated in a dip below $8 at the end of 2022. However, things started to change after some positive words from Ethereum co-founder Vitalik Buterik and SOL kicked off. It nearly tripled in value within a few weeks and topped $23 earlier today. The NEAR protocol is another massive daily gainer, after a 28% increase. MATIC, DOT, TRX, AVAX, and CRO are some of the other larger-cap altcoins with double-digit prices. This rally pushed the crypto market cap to over $1 trillion on CoinGecko for the first time in over two months. This means the metric has added over $200 billion since the start of 2023. Cryptocurrency market capitalization. Source: CoinGecko SPECIAL OFFER (sponsored) Binance Free $100 (exclusive): Use this link to sign up and receive $100 free and 10% off Binance Futures fees for the first month (terms).

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