The cryptocurrency market cap is getting close to $1 trillion

After the recent declines, the bitcoin price managed to consolidate at around $ 21,000. Most altcoins have also calmed down. In the end, the total capitalization of the cryptocurrency market again approached the level of 1 trillion dollars.

Bitcoin remains above $21,000

After huge turmoil and serious drops in the BTC price in mid-June, the last seven days have brought a slight recovery for this asset. Last Sunday alone, bitcoin fell to an 18-month low of $17,500.

Monday, however, started from the better side – the cryptocurrency rebounded from the bottom and even approached the level of $ 20,000. Although she initially failed to regain this ceiling, a few days later she managed to achieve it.

In this way, the bulls tried to regain control of the market, and BTC was above $ 21,500. Bitcoin was first rejected there, and after the fed chairman’s recent confirmation of the continuation of interest rate hikes, it slumped below $20,000.

Since then, the asset has gradually recovered and is now close to $21,500 again. Its market capitalization remains above $400 billion, but its dominance over altcoins is below 42.5%.

DOGE and ADA lead the way

Despite going through similar rollercoasters, alternative coins behave calmly on a daily basis.

The price of ETH fell from more than $2,000 to 900 in a matter of a week. Since then, it has recovered over $300 and is trading at over $1200 now.

Similarly, Ripple, Solana, Polkadot, TRON, and Avalanche prices are fluctuating after a slight daily reversal.

In contrast, Cardano and Dogecoin rose by about 3% in one day, to levels above $0.5 and $0.07, respectively. From the mid-cap and lower-cap altcoins, Litecoin and FTT have grown by up to 4%.

The Sandbox, ApeCoin and Mana gained even more. Eventually, the combined market capitalization of all cryptocurrencies increased by about $20 billion in one day and approached the $1 trillion level.

Read Also: The bitcoin price remains above $20,000

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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