The cryptocurrency market has continued its excellent start to the fourth quarter of the year, with the total market cap now closing in on $2.3 trillion
The cryptocurrency market has been performing well since the start of the month, with the prices of most coins up by double-digit percentages in the past week. Bitcoin has remained one of the top performers in the market, and yesterday, it hit another milestone.
The leading cryptocurrency’s total market cap hit the $1 trillion mark for the first time in months. Bitcoin’s total market cap touched the $1 trillion level after the cryptocurrency’s price rallied by more than 5% within an hour yesterday.
The rally allowed Bitcoin to establish strong support at $50,000 and rally past the $53,000 mark within an hour.
At the time of writing, Bitcoin is trading above the $54,000 level and could likely surpass the $55,000 resistance point in the coming hours. The last time Bitcoin’s total market cap was above $1 trillion, its market dominance level was over 50%.
However, Bitcoin’s market dominance level has decreased over the past few months. With Ethereum, Solana, Cardano and other leading cryptocurrencies all experiencing massive growth in recent months, Bitcoin’s market dominance level now stands at 44.9%.
Ether continues to grow, and its dominance level is above 18%. Despite the recent rally, Bitcoin’s price is still 15.5% down from its all-time high of $64,804 achieved on 14 April 2021. However, the rally has given the broader cryptocurrency market hope that Bitcoin could reach six digits before the end of the year.
Some market experts and enthusiasts are optimistic that Bitcoin could cross the $100,000 mark before the end of the year. For that to happen, BTC would have to nearly double its value from its current trading price.
Regardless of whether it happens before the end of the year or not, the market has received a boost from the current rally, and Bitcoin and other cryptocurrencies could record further gains over the coming weeks and months.