The total market cap of cryptocurrencies has once again reached a record high. According to crypto tracking website CoinGecko, the market capitalization for all cryptocurrencies surged to an all-time high of about $2.6 trillion. The tracking platform includes 9,749 different coins and tokens as part of the total crypto market.
The Crypto Market Cap Surges
The total crypto market value had crossed $2.5 trillion on Saturday before it declined marginally to $2.47 trillion. The figure has surpassed 2.55trn attained on May 12th. The spike was driven by news that the Securities and Exchange Commission is set to allow the first U.S. Bitcoin futures ETF.
The development will give investors exposure to Bitcoin without the need to buy the digital coins themselves. Crypto investors have been betting on digital currencies along with expectations that the first Bitcoin futures exchange-traded fund will reportedly begin trading in the week ahead.
The funds appear to be ready to hit the market soon and are expected to boost investors’ confidence further. With the development, the traditional financial system and cryptocurrency networks will work together. They will collaborate when exchange-traded fund (ETF) providers offer products tracking bitcoin price on U.S. equity exchanges.
Bitcoin Dominance Slips
Bitcoin was already up by over 11% in the past seven days to nearly $62,000 when filing this report. According to CoinMarketCap, Ethereum and Polkadot jumped almost 9% and 16.5%, respectively.
Bitcoin’s dominance of the overall crypto market valuation has reduced, indicating that more altcoins are experiencing growth in their market capitalizations. The rising number of altcoins reduces bitcoin’s share of the crypto market.
Global Bitcoin Mining Networks
The U.S. is currently the world’s largest hub of Bitcoin mining. The state has replaced China a few months after the country banned crypto mining this year. According to the Cambridge Centre for Alternative Finance report, China’s share in hashrate globally tumbled from around 45% in May to zero by July.
Meanwhile, the U.S. share shot up from 18% in April to almost 36% in August. In the second position was Kazakhstan with about 18% share. The Russian Federation came third with an 11% share in the global bitcoin network hashrate by the end of August 2021.