Bitcoin-Led Cryptocurrency Market Capitalization Records A Yearly High After Several Altcoins Surge
The cryptocurrency market cap has reached a new yearly high in April. This month started with a very positive trend for Bitcoin (BTC) and other digital currencies. There have been different digital assets that started growing after a whole year in a bear trend. This is the reason why the market is registering a new high in terms of market capitalization.
Crypto Market Cap Surpasses $175 Billion
Altcoins such as Dash, ZCash (ZEC) or Litecoin (LTC), among others, have been growing in the past few months. This has helped the market to start growing and moving upwards again. Just a few days ago, the whole crypto market cap reached $185 billion, the highest point since November 2018.
The growth in altcoins can also be seen in the market dominance of Bitcoin. The most popular digital asset had a market dominance of 53.5% at the beginning of February, but it dropped down to almost 50% a few days ago.
Bitcoin has been traded above $5,000 for a few days and when it dropped under that value, the market swiftly recover. Thus, this shows that the market has the necessary strength to sustain the current levels or even keep growing in the near future.
Since the beginning of the year, several digital currencies have been growing at very fast rates. Binance Coin (BNB) for example, ENJIN (ENJ) or Litecoin (LTC) are just some of the examples of these virtual currencies that had a good first quarter.
There is a growing interest in virtual currencies and in the cryptocurrency market as a whole. After a bear market, participants and investors are starting to place their funds in the market expecting for a new bull run to start in the near future.
At the time of writing this article, Bitcoin is being traded around $5165 and it has a market cap of $91.1 billion. At the same time, the whole crypto market cap reaches $175.6 billion and Bitcoin accounts for 51.9% of the market.