Though the San Francisco-based blockchain payments behemoth Ripple’s native cryptocurrency is going through its worst days, it has not as such affected the overall market capitalization of the entire cryptocurrency market cap, which continues to climb higher. Reportedly, the global cryptocurrency market capitalization has hit a significant milestone and has recorded a new high.
Crypto Market Cap Hit New Record High
According to the data present on the website of CoinMarketCap (CMC), the total cryptocurrency market capitalization has climbed slightly above the figure of $780 billion today on the 2nd of January 2021. This is the new high for the crypto market cap. The global market is still going up with an increase of 0.72 percent over the last day.
Out of the total digital currency market capitalization, the share of the world’s largest digital currency, Bitcoin (BTC), is nearly 72 percent. The market cap of BTC, as of the press time, is revolving around the figure of $550 billion. The market share of Ethereum (ETH), which is known as the second-largest cryptocurrency in the world in terms of market cap, is eleven percent out of the total. The cumulative market cap of all of the remaining cryptocurrencies represents 17 percent of the market share.
The total crypto market cap could have crossed the milestone of $800 billion if the fourth-ranked digital currency XRP had not become the victim of the legal battle going on between its parent company Ripple and the United States Securities and Exchange Commission (SEC), which has made the things worse for the coin. Since the day of lawsuit filing, the coin has faced a loss of nearly $20 billion in market cap.
Bitcoin Is The Driving Factor Behind The Impressive Crypto Market Cap Growth
Bitcoin, the world’s first-ever decentralized digital currency, is the major factor that has driven this growth of cryptocurrency market capitalization. The current bull run of the leading digital currency has led the coin to record its new all-time high value by surpassing above the price mark of $29,000. Along with the price surge, the market of Bitcoin also surged high to surpass $550 billion.