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The total market value of the crypto market reaches a new record high and Bitcoin reaches $ 34,000

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The total market value of the crypto market reaches a new record high and Bitcoin reaches $ 34,000

Going back to the end of 2017 and the beginning of 2018, we find that this period during which the price of Bitcoin witnessed a record level, as well as the total market value, which at that time reached the level of $ 836 billion after the rise in the prices of alternative digital currencies.


According to data provided by CoinMarketCap, which is one of the leading cryptocurrency monitoring sources, the market value reached somewhere around $ 836 billion during the rally that occurred in 2017/2018.


While in the recent uptrend led by Bitcoin, the previously realized figure for the total market value of the crypto market has become from the past as it was broken by both Bitcoin and alternative digital currencies, and the moment of writing this article reached 868 billion dollars.


It should be noted that the current growth started several months ago, and the recent increase in the total market value of the crypto market was cumulative.


By reaching this record, the market cap has added $ 160 billion since December 29, $ 260 billion since December 24, and $ 380 billion since late November.


The total market value of the crypto market was estimated at just $ 330 billion in early October, which means an increase of more than $ 500 billion in the last three months.


Bitcoin is responsible for the largest share of this huge “$ 868 billion” value, which is close to $ 1 trillion.


Bitcoin has been on the rise since the fourth quarter of 2020, and its dominance over the market as a whole represents 72% of the total market value.


Bitcoin has more than 3 times increased in value in the past few months.


Bitcoin broke the $ 20,000 level for the first time, and then the currency's price continued to trend upward.


At the time of writing this article, it was still achieving new highs, most recently reaching the level of 34 thousand dollars.


Bitcoin was quick to break through to the $ 30,000 level, as it did not stay long at this level to continue to rise, up to $ 34,000.

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