Crypto Market Cap Up 79% Since Dec Low, Top 8 Cryptos Contribute 80% to this Surge
On December 15, the market cap of the entire cryptocurrency market had come down to just below $100 billion. This was when the majority of the market moved down and registered their yearly lows.
This was when Bitcoin went straight down to $3,200 from November’s $6k that was first time hit in August 2017 and lost 84 percent of its value. In tandem with Bitcoin, other top cryptos also took a fall that saw the total market cap losing billions of dollars. Economist and Crypto analyst, Alex Kruger shared some interesting figures that share which coins contributed the most to this increase.
Bitcoin (BTC) Live Price
1 BTC/USD =$57,231.1713 change ~ -1.01%
Bitcoin Contributes the Most
Since hitting yearly low in December 2018, the market has surged 79 percent, crossing $180 billion as the entire market adds $80 billion.
To this significant surge, the leading cryptocurrency contributed the most that is 47 percent as $38 billion gets added to Bitcoin’s market cap. Today, the flagship cryptocurrency with a market cap of $4 billion has been trading at $5,347 and looking to gain even more.
BNB, BCH, & LTC are the Stars
Though no other altcoin comes close to Bitcoin’s share, Ethereum contributed the second highest share of 13 percent. Dropping down to $85 last year, currently, it is trading at $175, adding $10 billion in its market cap and surging 125 percent.
By seeing an increase of $4 billion each, Bitcoin Cash and Litecoin added 5 percent to overall market cap. In December, last year Litecoin fell down to $23 while BCH saw about $80 that are currently up 257 and 265 percent respectively.
With 4 percent contribution, EOS and BNB made quite an addition as well. Though BNB added only $4 billion, it has been seeing the highest gains till now of 400 percent in respect to BTC’s 67 percent surge only. EOS registered close to 200 percent gains since hitting low at $1.92.
XRP & USDT Contributed 2% & 1% Respectively
Ripple (XRP) Live Price
1 XRP/USD =$0.2464 change ~ 2.46%
Out of the top cryptos, XRP accounts for only 3 percent contribution to the increase in overall market cap as it added $2 million by seeing a rise of only 17 percent which is the least percentage of gain made by top cryptos.
Stablecoin USDT managed to make a contribution of $1 billion which is no surprise given the the fact that it is a popular pseudo fiat with pairs available with the majority of top cryptos.
What is interesting is, Bitcoin might have seen a rise of the third largest percentage of gains since then, but it has contributed about half of the increased total market cap share.