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Crypto Market Cap Pushes Past $2T as Major Cryptos Surge
Bitcoin’s rally to nearly $45K has propelled the increase.
By Sam Reynolds
Updated May 11, 2023, 4:44 p.m. Published Mar 2, 2022, 8:32 a.m.
A broad run in the digital asset market, led by bitcoin nearing $45,000, has pushed the total market cap for crypto past $2 trillion, according to CoinGecko data.
- The crypto market was last at $2 trillion in August.
- In the last week, bitcoin has jumped nearly 14%, and ether has risen 12%.
- Analysts who spoke with CoinDesk previously said that capital controls in Russia are one reason for the rapid appreciation.
- "Capital controls without demand don't make an impact on price. Capital controls mean price will deviate to one side or the other depending or where the demand is," trader and analyst Alex Kruger told CoinDesk in a prior interview.
- Terra’s LUNA token had a stratospheric rise, climbing nearly 70% during the last week, and is now trading at about $94.
- Solana's SOL and other layer 1 tokens like Avalanche's AVAX and Polkadot's DOT have also risen. SOL has gained 18.5% this week, while AVAX was up about 16% and DOT nearly 13%.
- With the recent gains, bitcoin now has a higher market cap than the rapidly declining Russian ruble.
- Bitcoin has a market cap of about $835 billion, while the ruble has a market cap of around $626 billion.
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
O que saber:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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