The crypto market cap is back above $300 billion. This psychological resistance has been broken following a wide market rally led by Bitcoin. This is despite the digital asset not being the best performer in the latest rally or indeed this year. A number of altcoins continue to outperform as the community hails the return of the altseason.
At the start of the year, the crypto market valuation was just below $200 billion. In less than two months, the market has been able to gain more than $100 billion to reach the much-coveted $300 billion mark. At the time of writing this, the total market cap is just below $303 billion.
While to get here all rallying cryptocurrencies have contributed, there have been some heavy lifters. The ones that have really rallied to break above key resistances and inspire wider market rallies.
Best Performers So Far
Definitely Bitcoin is the main coin behind the rally. It has a market dominance of more than 60% and its price action has a huge implication on the total market cap. In the last few weeks, the top crypto has rallied by more than 44%. This has taken it from lows of $7,500 to its current highs of $10,300. It was the first crypto to rally this year and by far, is the reason why all others are rallying as well.
The coin directly below it in market cap, Ethereum, has also been a major player in the current rally. Starting the year just above $120, the digital asset has doubled in value to reach current levels of $250. The largest altcoin by market cap was also one of the few coins to soar and struggle with a dominant Bitcoin back in January.
Tezos also makes it as a heavyweight. The coin which was only created in 2017, has in the last couple of weeks been pushing higher and higher. At the start of the year, Tezos was exchanging for a little over $1.20. Now, having just added another 20% to its value in the last 24 hours, the asset has reached over $3.30. Its push for glory has been further rewarded as it climbed to number ten in ranking a few days ago.
Bitcoin SV has also been a major gainer and has seen the total market cap grow. In a few weeks, it has climbed from just under $100 to reach its current all-time highs of $370.
Of course, there is still more to come with the altseason just getting started, but so far, it is these coins that have helped get to the $300B mark.