The market cap has grown as a result of double-digit price increases in SOL, DOT, MATIC, and a few other stocks.
For the first time since the FTX fiasco, the two-week rally has increased the market valuation of all crypto assets to over $1 trillion.
This coincides with a significant price increase for a number of alternative coins, including Solana, Polkadot, Polygon, Avalanche, and others.
- The bitcoin industry has had a terrific start to 2023 after a challenging 2022. The largest digital asset increased in value from around $16,500 to over $21,000 in a little more than two weeks.
- Thanks to this 27% rise, the asset recovered all losses brought on by the FTX crisis in November. As a result, BTC‘s market cap hit $400 billion and its market share rose to over 41% from 39% the week prior.
- Even while bitcoin has gained greater traction lately, a number of other cryptocurrencies have outperformed it. Solana serves as a fantastic example. SOL was one of the assets that took the brunt of the FTX crash’s damage because of its ties to the former empire headed by SBF.
- This concluded in a reduction of under $8 at the end of 2022. However, things started to change and SOL started to fly after some encouraging words from Ethereum co-founder Vitalik Buterik. Over the span of a few weeks, its value roughly tripled, and earlier today it topped $23.
- NEAR Protocol is another significant daily gainer with a 28% climb. MATIC, DOT, TRX, AVAX, and CRO are a few additional larger-cap cryptocurrencies whose prices have increased by double digits.
- Thanks to this growth, the crypto market cap on CoinGecko has topped $1 trillion for the first time in more than two months. This suggests that since 2023 began, the metric has grown by more than $200 billion.