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Crypto Market Cap Breaks $1.7 Trillion: Polkadot (DOT) Now Top 4 After 20% Gains


Another day brings more breached milestones for the crypto field as the market cap has exploded above $1.7 trillion for a new record. This comes following ATHs for Bitcoin above $56,000, Ethereum (north of $2,000), and numerous other altcoins heading towards uncharted territory as well.

Bitcoin Sees Yet Another ATH

It was just earlier this week when the primary cryptocurrency struggled around the $46,000 price tag after a sharp drop. However, the asset rapidly reversed the trend and started gaining substantial chunks of value, which resulted in several consecutive all-time high records.

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Once breaking above $50,000 on Wednesday, bitcoin hasn’t looked back since. As of now, the BTC all-time high lies at $56,620 according to Bitstamp. This comes shortly after another pro-BTC engagement from Tesla’s Elon Musk.

Although bitcoin has retraced slightly since then, it still trading above $55K as of writing these lines and, perhaps more notably, its market capitalization has maintained its ground above $1 trillion.

The technical indicators suggest that BTC would have to overcome the first resistance at $56,112 and $56,600 before potentially challenging $60,000. Alternatively, the support levels at $54,500, $51,400, and $50,000 could assist in case of a price breakdown.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH Above $2000: DOT Spikes 20% To The Top 4

The altcoin market has also enjoyed the past week or so with remarkable gains. In the past 24 hours, the situation only intensified led by Ethereum. The second-largest cryptocurrency also broke a notable milestone of its own after it surged above $2,000 for the first time in its 6-year history.

Litecoin (4%), Ripple (6%), and Chainlink (7%) are well in the green from the top ten but have been outperformed by Binance Coin, Cardano, and Polkadot.

DOT has skyrocketed by 20% to a new all-time high of about $40, this places Polkadot as the 4th largest project by market cap, surpassing Tether (USDT). Cardano spiked above $1 for the first time in over three years after a 16% surge.

Binance Coin, arguably the best-performer in the past few weeks, also saw a record yesterday of approximately $350. Despite retracing to about $300, BNB is still up by more than 120% in seven days.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further gains are evident from Ravencoin (100%), DODO (45%), Polygon (40%), Theta Fuel (33%), Fantom (31%), Huobi Token (26%), and OKB (23%).

Ultimately, the cumulative market capitalization of all crypto assets also registered a new ATH at above $1.7 trillion.



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