The cryptocurrency landscape has witnessed remarkable transformations since Bitcoin’s inception in 2009. Initially, Bitcoin traded for mere fractions of a penny. However, the flagship cryptocurrency reached an unprecedented peak of $73,750 in March 2024.
Subsequently, the market experienced a slight correction, with Bitcoin trading at $67,755 as of October 2024. Notably, Bitcoin commands a dominant 55.31% of the total cryptocurrency market share, representing approximately $1.34 trillion in value.
Market Distribution
The current cryptocurrency market showcases a varied distribution of assets. Specifically, Ethereum (ETH) holds the second position with 12.42% market share. Meanwhile, USDT maintains a steady presence with 4.97% of the market. Furthermore, BNB and SOL contribute 3.56% and 3.38% respectively to the overall market composition. Additionally, other notable cryptocurrencies include XRP at 1.23%, DOGE at 0.85%, and ADA at 0.50%. Interestingly, other alternative cryptocurrencies collectively account for 17.78% of the market.
| Name | Market capitalisation |
|---|---|
| Bitcoin (BTC) | $1.34 trillion (55.31%) |
| Ethereum (ETH) | $301.5 billion (12.42%) |
| USDT | $120.7 billion (4.97%) |
| BNB | $86.4 billion (3.56%) |
| SOL | $82.1 billion (3.38%) |
| XRP | $29.9 billion (1.23%) |
| DOGE | $20.6 billion (0.85%) |
| ADA | $12.1 billion (0.50%) |
| Others | $431.7 billion (17.78%) |
*Total Market Capitalization: $2.43 trillion
*Market Share as on 28 October 2024
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What is Drives Recent Market Momentum
The cryptocurrency market experienced significant milestones in early 2024. Particularly, the SEC’s approval of 11 Spot Bitcoin ETFs in January 2024 sparked renewed interest. Moreover, the subsequent approval of Ether ETFs in May 2024 further strengthened market confidence.
Consequently, these regulatory developments helped Bitcoin surpass multiple all-time highs in March. Following the Bitcoin halving event on April 20, 2024, the market demonstrated resilience despite initial expectations. Additionally, institutional investors have shown increased interest in cryptocurrency investments.
The crypto market’s evolution reflects growing mainstream acceptance. For instance, Bitcoin started 2024 at $43,906 and demonstrated remarkable growth. Furthermore, the cryptocurrency reached $62,642 by February 29, 2024, marking its highest level since December 2021. Significantly, Bitcoin’s market capitalization grew from $915.81 billion to $1.23 trillion during this period. Subsequently, the total cryptocurrency market capitalization expanded to $2.29 trillion.
Recent market data indicates continued strong performance despite occasional volatility. Presently, Bitcoin trades above $67,000, maintaining its position as the dominant cryptocurrency.
Meanwhile, the broader market shows signs of maturation with diverse asset distribution. Particularly, the presence of stablecoins like USDT suggests growing market stability. Additionally, the emergence of various altcoins demonstrates the market’s expanding ecosystem.
The cryptocurrency market’s future appears promising despite occasional fluctuations. Specifically, increased institutional adoption and regulatory clarity have strengthened market foundations. Moreover, the successful implementation of Bitcoin halving and ETF approvals highlights the market’s resilience.
Written By Fazal Ul Vahab C H
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The cryptocurrency landscape has witnessed remarkable transformations since Bitcoin’s inception in 2009. Initially, Bitcoin traded for mere fractions of a penny. However, the flagship cryptocurrency reached an unprecedented peak of $73,750 in March 2024. Subsequently, the market experienced a slight correction, with Bitcoin trading at $67,755 as of October 2024. Notably, Bitcoin commands a dominant
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