On this occasion, the price of Bitcoin still does not exceed USD 1 trillion, unlike in April. In a month, most altcoins have outperformed BTC, which has risen by 47%.
The cryptocurrency market once again exceeds USD 2 trillion in accumulated value with the recovery of Bitcoin and leading altcoins. The May crash had led them to lose that level.
The value of all cryptocurrencies in circulation is equivalent to USD 2.087 trillion, according to CoinGecko. That figure is particularly prominent as the price of the first cryptocurrency on the market has not yet returned above USD 1 trillion.
Bitcoin currently has a market capitalization of around USD 880 billion. The price of the pioneering cryptocurrency is far from its peak in April when it approached USD 1.19 trillion.
However, the market returned to the USD 2 trillion level with the recovery of BTC and the rise of leading altcoins. The BTC rally has dominated the market in the last three months, but other cryptocurrencies have done the same in a shorter period.
The top 10 cryptocurrencies by capitalization have increased up to 81% in the last week, as with Solana (SOL). Regarding Cardano (ADA) and Ripple’s XRP, they have risen by more than 40% in that period.
Just a handful of cryptocurrencies accounts for most of the market value, although there are around 9,000 of them in circulation. The momentum of Bitcoin and leading altcoins is enough for the total value to skyrocket.
During the Bitcoin Season, Altcoins Improve their Performance
According to the Altcoin Seasonal Index provided by Blockchain Center, around 80% of the top 50 cryptocurrencies have outperformed BTC. That has happened even though the pioneering cryptocurrency has seen a 47.5% increase in the last 30 days.
In other words, the other cryptocurrencies have largely dominated the market for at least the last month. However, those spikes usually coincide with the positive momentum that Bitcoin is experiencing. All of the top 50 cryptocurrencies have been green for a month.
From that list, SOL and the Axie Infinity (AXS) governance token are more prominent than the rest of the altcoins. In the case of AXS, its price has risen by more than 1,500% in the last three months. Besides, it has accumulated a total market capitalization of more than USD 4.5 billion.
The Price of Bitcoin Is Approaching USD 50,000
The price of Bitcoin is currently holding support above USD 42,000 and could face resistance near USD 50,000. The short-term upward trend remains intact despite several overbought pullbacks.
In recent days, the value of Bitcoin saw an increase to USD 48,000 and pulled back at that level. However, the first cryptocurrency on the market has already managed to recover from all its losses.
Given the favorable conditions, it is only a matter of time before the next bullish move starts. The pioneering cryptocurrency is trading around USD 45,200 and has dropped by 0.5% in the last week, according to CoinGecko.
By Willmen Blanco
