HomeBitcoinCrypto Global Market Cap Nears $2 Trillion, What is the Bull Run...

Crypto Global Market Cap Nears $2 Trillion, What is the Bull Run Potential?

The cryptocurrencies global market capitalization has seen an incredible rise during this bull run, increasing by more than 400% over the last 6 months. Estimated at approximately $325 billion as of September 2020, towards the end of March 2021 it is closing in on $2 trillion.

Global cryprocurrencies market cap as of March 21

After reaching $1.86 trillion on the 13th of March, the total market went back down to $1.6T. This however was followed by a new wave of bullish news from institutional investors, causing the market cap to gain back almost 5% and reach the $1.8 trillion mark once again.

With this boom in digital currencies total capitalization, the market gains further grownd when compared to gold’s market cap. The value of cryptocurrencies is now 25% the value of gold, up 5% in just one month.

Leading that charge is Bitcoin, keeping its price around the $60k price range, and above the 20 and 50-day MAs:

BTC bull run so far

In terms of market capitalization, Bitcoin is currently holding a support line above the $1 trillion mark, swiftly bouncing off that line several days ago.

$1 trillion looks like the new support for BTC’s market cap

With the bullish news surrounding the market leader, and support found at key levels on the technical analysis, it will not be long before a new all-time high is reached. It is also a matter of time before the $2 trillion capitalization for the global market is broken.

What is the potential for the total market capitalization at the top of the bull run?

Experts are saying we can be looking at a BTC price of above $300,000 towards the peak. That would mean a market capitalization of $5.6 trillion for Bitcoin alone. The top of the market during the last bull run in 2017, however, was not reached with the peak of BTC price, but actually the following month.

Cryptocurrencies market capitalization peak is reached some time after the BTC top price

In December 2017, the BTC market capitalization was at a peak of $330 billion, with total crypto capitalization of $620b at the time – so a 53% BTC dominance. During January the next year, BTC capitalization had dropped to less than $290b, while the total number for the industry reached $765b – more than twice than BTC’s capitalization at the top price. If we extrapolate this to the expected top for 2021, we can be looking at a nearly $13 trillion market capitalization for the full cryptocurrencies market, reached some time after the BTC price top.

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