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Crypto Economy’s Market Cap Recaptures $2 Trillion in Value After 2-Month Slump

The cryptocurrency economy has managed to surpass $2 trillion in overall value, a metric not seen in over two months. During the last week, a number of popular digital assets have seen single-digit gains, but there’s been a handful of cryptocurrencies that have seen double-digit weekly gains as well.

Crypto Economy Jumps Over $2T, Handful of Cryptos See Double-Digit Weekly Gains

At the time of writing, the overall valuation of all 11,335 cryptocurrencies in existence has crossed the $2 trillion handle. Crypto prices across the board have improved over the last month and during the last seven days. On Friday, there’s roughly $134 billion in global trades across the thousands of tradeable digital coins. The market capitalization of the crypto economy on Friday is $2,105,153,248,638 which is up over 7% during the last 24 hours.

Crypto Economy's Market Cap Recaptures $2 Trillion in Value After 2-Month Slump
Total cryptocurrency market cap on August 20, 2021.

Out of the $2.1 trillion, bitcoin’s (BTC) market valuation of $883 billion represents 42% of the aggregate value while ethereum (ETH) commands 17.9%. While BTC dominance among the 11,000 crypto assets has been reduced, ETH dominance has not increased as much as that of the handful of other crypto assets gathering double-digit gains. For instance, cardano (ADA) has jumped over 18% in the last 24 hours and is now positioned in the third-largest position in terms of market capitalization.

While Ethereum Dominance Remains Steady and Bitcoin Dominance Sinks, Alternative Crypto Asset Markets Capture New Dominance

ADA’s market cap of around $80 billion represents 3.94% of the $2.1 trillion crypto economy. Binance coin (BNB) has around $72 billion in overall value which is 3.55% of the overall market valuation.

Tether (3.17%), XRP(2.42%), and Dogecoin (2.06%) all have market caps that are above the 2% zone in terms of market valuation dominance. Again crypto tokens like audius (AUDIO), avalanche (AVAX), arweave (AR), terra (LUNA), and Solana (SOL) all have gained between 74% to 120% in seven days. AUDIO is up 120% on Friday morning (EDT) and Solana (SOL) is up 74% today.

Today’s top trade volume out of the $135 billion belongs to tether (USDT) which has seen $64 billion in global trades. This is followed by BTC ($38 billion), ETH ($20 billion), ADA ($9 billion), and XRP ($7.5 billion). 12-month statistics against the U.S. dollar show the top five gainers include game stars (GST), mir coin (MIR), content value network (CVNT), stox (STOX), and dogecoin (DOGE).