According to data from CryptoSlate, the cryptocurrency market has reached a new all-time high of $2.6 trillion in total market valuation.
This puts the crypto industry ahead of some of the world’s foremost tech companies, such as Google or Apple. Bitcoin’s market capitalization is now hovering around $1 trillion.
The crypto market was able to reach this height thanks to a jump in the price of the leading crypto asset, as evidenced by the data.
Watershed moment for crypto
This is a historic moment for an industry with a market cap of more than $100 billion in altcoins, compared to the previous record high of $2.55 trillion set in May.
The industry’s total market capitalization has increased by 233% since January, when it was $830 billion.
Analyses comparing the crypto sector to the world’s largest corporations suggest that the overall cryptocurrency market valuation currently exceeds that of the world’s biggest tech corporations.
For example, according to CompaniesMarketcap, Microsoft, an American multinational technology firm known for its software, has a market cap of $2.28 trillion.
Bitcoin leads the pack
Looking at the statistics more closely, Bitcoin leads the field with a market valuation of $1.18 trillion. This accounts for 45% of the total cryptocurrency market capitalization.
Surprisingly, the number of altcoins with a market cap of more than $1 billion has increased to over 100 tokens.
Each of the top 10 crypto assets by market cap has a market valuation of more than $30 billion, while the average market cap of the top 20 surpasses $10 billion per asset.
As of press time, Ethereum has a market cap of $458 billion, Binance Coin has a market valuation of nearly $80 billion, while Tether and Cardano have market caps of $70 billion and $60 billion, respectively.
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