Crypto market cap hits an all-time high of $2.5 trillion
The crypto industry market cap has reached a new all-time high of $2.6 trillion.
The cryptocurrency market has set a new record with an all-time high of $2.6 trillion according to data from CryptoSlate.
Crypto market touches new ATH
This gives the crypto industry a lead over some of the largest tech giants, such as Apple. Bitcoin is currently hovering over a $1 trillion market cap. As highlighted by the data, the crypto market was able to reach this peak thanks to the surge in the price of the leading digital asset.
Compared to the previous $2.55 trillion record high witnessed in May, this is a watershed moment for an industry that boasts of more than $100 billion market cap in altcoins. The industry has shown a 233 percent surge in aggregate market cap from January’s $830 billion.
Analyses comparing the crypto industry to giant companies in the world show that the total cryptocurrency market cap now stands larger than even that of the biggest companies in the world.
For instance, data from CompaniesMarketcap shows that Microsoft, an American multinational tech company famous for its software, has a market cap that stands at $2.28 trillion.
Bitcoin, a pacesetter for altcoins
Taking a more cursory look at the data, Bitcoin leads the pack with $1.18 trillion in market cap. This represents a 45 percent share of the total crypto market cap.
Interestingly, the number of altcoins that have seen their market cap exceed $1 billion have also grown to over 100 tokens.
The top 10 crypto assets by market cap alone have each of their market caps exceeding $30 billion while an average of those in the top 20 exceeds $10 billion per asset.
As of press time, the market cap of Ethereum is $458 billion, that of Binance Coin stands around $79 billion, while that of Tether and Cardano stands at $70 billion and $60 billion respectively.