• Crypto Market Cap has reached $1 trillion for the first time since the FTX debacle.
• Double-digit price surges from SOL, DOT, MATIC and others have helped the cumulative market cap to increase.
• The start of 2023 has been quite spectacular for the cryptocurrency market following the painful 2022.
The cryptocurrency market has been on a tear lately, and the collective market capitalization of all digital assets has now topped $1 trillion for the first time since the FTX debacle. This milestone was made possible by double-digit price surges from SOL, DOT, MATIC, and a few more, helping the market cap increase.
The rally from the past two weeks has been impressive, with the largest digital asset, Bitcoin, going from around $16,500 to over $21,000 in just two weeks. This 27% increase has enabled Bitcoin to recover all losses that came from the FTX collapse in November, and to push the market cap to over $400 billion. Altcoins followed in the wake of Bitcoin’s surge, with SOL, DOT, MATIC, Polygon, Avalanche, and others experiencing double-digit gains.
The start of 2023 has been quite spectacular for the cryptocurrency market following the painful 2022. Bitcoin’s price has recovered to more than double of what it was at the start of the year, and the altcoin market has seen a massive boom as well. This, in combination with the increasing institutional and retail interest, has resulted in the market cap of all crypto assets eclipsing the $1 trillion mark for the first time since the FTX debacle.
It remains to be seen if the crypto market can continue its incredible run or if the bull run will eventually come to an end. However, there is no doubt that the start of the year has been nothing short of spectacular and that the crypto market is on track to reach new heights in the near future.