Cryptocurrency market cap drops $1 trillion as Solana and Polkadot explode by double digits

The rally over the past two weeks has pushed the cumulative market capitalization of all crypto assets above $1 trillion for the first time since the FTX disaster.

This comes amid the exponential increase in the prices of many altcoins, such as Solana, Polkadot, Polygon, Avalanche, and others.

  • The start of 2023 was quite amazing for the cryptocurrency market after a painful 2022. The largest digital asset has gone from around $16,500 to over $21,000 in about two weeks.
  • This 27% increase means that the asset has recovered all of the losses that came from the November FTX crash. It also helped BTC’s market cap reach $400 billion, and its dominance soared to nearly 41% after dropping to 39% last week.
  • Although Bitcoin’s dominance has increased in recent days, many altcoins have already overtaken it. Solana is a prime example. SOL was among the hardest hit assets after the collapse of FTX due to its association with the former empire led by SBF.
  • This culminated in a drop below $8 in late 2022. However, things started to change after some positive words from Ethereum co-founder Vitalik Buterik, and SOL started to develop. Its value nearly tripled in a few weeks and surged above $23 earlier today.
  • NEAR Protocol is another massive daily gain, posting an increase of 28%. MATIC, DOT, TRX, AVAX, and CRO are among the other major altcoins with double-digit price pumps.
  • This rally pushed the cryptocurrency market cap to over $1 trillion on CoinGecko for the first time in over two months. This means that the measure has added more than $200 billion since the beginning of 2023.
Cryptocurrency market capitalization. Source: CoinGecko

Crypto Capital After $1 Trillion Drop Like Solana, Polkadot Explode Double Digits Debuts On CryptoPotato.

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