The Crypto Industry’s Market Capitalization Successfully Hits $3 Trillion for the First Time

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Amidst the resurgence of Bitcoin (BTC) and Ether (ETH), both hitting new all-time highs, and other altcoins doing incredibly well, the market capitalization of the encompassing crypto space has reportedly hit and eventually surpassed $3 trillion for the first time.

As per the latest analytical report published by CoinGecko, the total crypto market cap surged by 15% in the past three weeks, breaking its previous record of $2.8 trillion back on October 20. As impressive as that may sound, analysts believe that the industry’s upward trajectory may persist for a bit longer.

Apart from the usual suspects, BTC and ETH, which increased 5.95% and 2.6% yesterday, respectively, the once meme-coin Dogecoin (DOGE) has also contributed significantly towards this current positive development. As per the reports, DOGE surged by more than 7% to reach as high as $0.295 this Monday, making it the best performing asset among the ten-most major cryptos today.

Interestingly, reports also point out that the market dominance of BTC remains on the decline despite it experiencing massive gains as of recently. As it currently stands, BTC’s market share is ‘only’ at 40.5%, a far cry from its whopping 71% market share just two years prior. Still, it marks a wide margin compared to ETH’s, its closest adversary’s, 18.5%.

Although BTC may not share the same sentiment, experts believe that the crypto’s diminishing dominance over the market is good news for the industry. They argue that people looking at alternative tokens is the correct development for the industry, which is precisely what is happening right now.

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