Bitcoin’s market cap hits $1 trillion again
The crypto market has been performing excellently over the past few hours, with the prices of most coins up by more than 3%. Bitcoin is one of the best performers amongst the leading cryptocurrencies.At the time of writing, Bitcoin is trading above the $54k level after rising by more than 8% in the past 24 hours. The leading cryptocurrency is targeting the $55k resistance level and could be set for bigger runs in the coming hours and days.
Following Bitcoin’s latest rally, the total Bitcoin market cap is now above $1 trillion. Bitcoin’s market cap touched the $1 trillion mark again today despite having a market dominance of only 44.6%.
Bitcoin’s market cap hasn’t reached that level since the leading cryptocurrency dropped from its all-time high of $64k earlier this year. At the time, Bitcoin’s market dominance level was over 50%. However, the growth of Ethereum and other altcoins has reduced Bitcoin’s market dominance level.
Some altcoins are also rallying
The rally is not restricted to Bitcoin, as some of the leading altcoins are also performing well. ETH is up by 3.5% in the past few hours and has crossed the $3,500 level. A sustained rally from Ether could see it aim for the $4,000 resistance point in the coming days.Dogecoin is also performing well, up by 5.14% so far today. The total cryptocurrency market is now above $2.2 trillion, with Bitcoin’s rally the major catalyst behind the increase.
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