The total market cap for all cryptocurrencies has climbed to its highest level since June, helped by bitcoin (BTC)’s massive 70 percent gain since starting the year.
The increase in overall cryptocurrency capitalization stands out because it coincides with the industry facing one of the strongest crackdowns in its history, namely from dismal regulatory prospects.
The market capitalization for digital assets has increased to USD 1.19 trillion or the equivalent of IDR 17,794 trillion (assuming an exchange rate of IDR 14,953 per US dollar) according to data from CoinMarketCap.
Crypto market capitalization only reached around USD 800 billion or equivalent to IDR 11,962 trillion in early 2023.
Bitcoin’s share of the overall market has increased amidst the surge. The so-called bitcoin dominance hit a nine-month high of 45.5 percent last month as the cryptocurrency posted its best quarterly performance in two years and turned into one of the world’s best-performing major assets.
April has historically been a good month for BTC, so there is a possibility for the rally to continue. Bitcoin has risen in six of the last April 10, yielding an average of 17 percent, according to data from Matrixport.
