Crypto Market Capitalization Hits 5-Month High And Goes Above $185 Billion
In the latest digital currency news, we are reporting about the total value of the crypto market capitalization which recently rose to $185.89 which was its highest level since November 18th, 2018. Despite the correction which led the market to $182.29 at press time, the five-month high marks the 10th consecutive week with a bullish open above the prior candle close.
In other words, this means that there has been a steady increase in value for crypto since the new year began. The majority of the markets experienced positive growth towards the end of the previous close for the week April 1-7, mainly due to Bitcoin and its breakout last week.
Over the past day, both Bitcoin (BTC) and Ethereum (ETH) have experienced large increases which resulted in their crypto market capitalization rising to $3 billion and $1.7 billion respectively. Amid the overall market increase, Bitcoin’s dominance rate also dropped to 50.6% at press time going from the 52% seen early last week following Bitcoin’s price jump.
Ripple (XRP), on the other hand, has only had a minimal share of the pie among the top three cryptocurrencies, adding only $200 million to its total value over the past 24 hours. More importantly, there has been a greater flow towards the altcoin markets over the week.
It all started on April 1 with Tron (TRX) and its total value which rose to more than $350 million, while Stellar (XLM) and Verge (XVG) rose by $400 million and $50 million respectively.
The recent rise to $185 billion and the record breaking was attributed mainly to Ethereum, the cryptocurrency which is way out ahead at the moment and the most dominant force that drove the market to this five month high. In a long-awaited upswing, ETH managed to rise over 10% – going from $165 to $185 before slightly pulling back to $180 which is its current price at press time.
Since January 1st, the total crypto market capitalization has expanded by 48% or $60 billion and the bears are still keeping quiet for the moment.