The total market value of cryptocurrencies – a major public health pioneer in the digital asset class – surpassed $ 1 trillion for the first time at 7:00 pm ET on Tuesday, January 6. Around the same time, Bitcoin briefly surpassed $ 37,000 and set a new record.

In terms of market value, the cryptocurrency asset class has nearly doubled in the last month, with Bitcoin (BTC) hitting a permanent high and ETH (ETH) at $ 1,100 for the first time in three years. Together, both assets account for nearly two thirds of the entire market.

The popularity of BTC and Ether in the market has led to the emergence of dozens, if not hundreds, of cryptocurrencies as they reported twice as high as they did last week.

The trillion dollar market cap was hit just days after the market broke the 2017-18 bull market highs. During the peak of the latest cycle in early 2018, the total market value was close to $ 830 billion, according to CoinMarketCap.

Top of the latest cryptocurrency bull market in early 2018 by CoinMarketCap
At the time, altcoins reached nearly $ 547 billion after Bitcoin pulled back from its highest level in December 2017. The altcoin market is currently valued at less than half of the total, confirming the absolute dominance of Bitcoin in the current cycle.

Altseason peaked in early 2018 during the last cycle, according to CoinMaketCap.
Bullish bitcoin cycles usually contribute to the subsequent altcoin rally, which often exceeds the original BTC margin. The parabolic rally of cryptocurrencies, which the cryptocurrency community calls “Altson”, can happen quickly, giving investors little time to get ready.

Many cryptocurrency watchers are predicting a bitcoin meeting for bitcoin and altcoins in 2021. They point to the growing institutional demand for bitcoin, the ubiquity of cryptocurrencies, and the natural ebb and flow of four-year market cycles to be optimistic.

Source: CoinTelegraph