The cryptocurrency market is off to a strong start in the fourth quarter of 2021, with total market capitalization now approaching $2.3 trillion.
The cryptocurrency market has posted solid gains since the start of the month, with most tokens rising by double-digit percentages over the past week. Bitcoin has been among the top performers and reached another milestone yesterday.
Bitcoin’s total market capitalization surpassed the $1 trillion mark for the first time in months. The milestone came after the coin’s price jumped more than 5% in a single hour, pushing Bitcoin’s market cap to roughly $1 trillion. The surge established firm support around $50,000 and pushed the price above $53,000 within an hour.
At the time of writing, Bitcoin is trading above $54,000 and could test the $55,000 resistance level in the coming hours. The last time Bitcoin’s market cap exceeded $1 trillion, its market dominance was above 50%.
However, Bitcoin’s dominance has declined in recent months. With Ethereum, Solana, Cardano and other major cryptocurrencies posting significant gains, Bitcoin’s market share now sits slightly below 45%.
Ether continues to climb and holds over an 18% share of the market. Despite the recent rally, Bitcoin’s price remains about 15.5% below its record high of $64,804 reached on April 14, 2021. Still, the recent rebound has given the broader cryptocurrency market renewed optimism that Bitcoin could reach six figures before year-end.
Some analysts and market enthusiasts are optimistic that Bitcoin could break $100,000 by the end of the year. Achieving that target would require BTC to nearly double from current levels.
Aug>47k✅
Sep>43k✅
Next targets: Oct>63k, Nov>98k, Dec>135k🚀 pic.twitter.com/C45nfQkQSC— PlanB (@100trillionUSD) October 1, 2021
Whether Bitcoin reaches six figures this year or not, the current recovery has provided a boost to the market. Bitcoin and other cryptocurrencies may continue to register further gains in the weeks and months ahead.