Crypto Market Capitalization Hits 5-Month High Above $185 Billion
Cryptocurrency’s total market capitalization rose to $185.89 billion earlier on Monday at 02:00 UTC, reaching its highest point since Nov. 18.
While that number has dropped slightly to $184 billion as of press time, the five-month high marks the 10th consecutive week with a bullish open above the prior candle close, meaning there has been a steady increase in value for crypto since the new year began.
The majority of the crypto markets experienced positive growth toward the end of the prior weekly close beginning April 1 to April 7 thanks in part to bitcoin’s breakout last week.
Over the last 24 hours, two major cryptocurrencies, bitcoin (BTC) and ether (ETH), both experienced large increases, resulting in their market capitalizations rising $3 billion and $1.7 billion, respectively.
Amid an overall crypto market increase, bitcoin’s dominance rate has also dropped slightly to 50.6 percent at the moment from 52 percent, which was seen early last week following bitcoin’s price jump.
XRP, however, had only a minimal share of the pie among the top three cryptos with an increase of $200 million added to its total value over the past 24 hours.
Perhaps more importantly, there’s been a greater flow toward the altcoin markets over the last week beginning April 1 with Tron’s (TRX) total value rising more than $350 million while Stellar (XLM) and Verge (XVG) rose by $400 million and $50 million, respectively.
Disclosure: The author holds no cryptocurrency at the time of writing.
Skyrise image via Shutterstock charts via Tradingview