The combined market capitalization of all cryptocurrencies has surpassed the $2 trillion mark amid a bad month for Bitcoin, the primary crypto asset, and other altcoins.
At the time of the report, the total market for all crypto assets is at $2.13 trillion a significant improvement from its figure 14 days ago.
Bitcoin still holds a 54.3% market dominance over all crypto assets with Ethereum coming in second at 13% dominance.
Despite the bounce back of the total market capitalization of all crypto assets, Bitcoin the primary asset is still having a bad month and is currently exchanging hands for $58,560 dropping by 2.4% in the last 24 hours.
The month of September has historically been a bad month for Bitcoin and this year is no different. However, analysts believe that the total market capitalization of all crypto assets crossing $2 trillion is a sign of an imminent bounce back for Bitcoin and altcoins.
Bitcoin as a deciding factor
As the flagship crypto asset and a whopping 54.3% market dominance over other crypto assets, Bitcoin’s price action goes a long way to influence the direction of the general market.
At the moment Bitcoin is still holding above the important resistance level of $58,000 and all altcoins are in red at the time of this report.
Despite the surge in Total market capitalization, Bitcoin is still far below its price level last month which saw the crypto asset hover around $65,000 to $60,000.
The crypto asset is still 20.6% down from its all-time high of $73,737.
Bitcoin’s performance in the coming days will surely reflect on other altcoins and also play a key role in the upward surge of the total market capitalization of all cryptocurrencies.
September downturn
The September decline in performance of most crypto assets especially bitcoin is not rooted in cryptocurrency alone. The traditional financial markets also mirror this downturn attributed to various factors including investors selling off assets to profit at the end of the year and other macroeconomic and geopolitical factors.
Despite the historic September downturn, renowned Crypto analysts like Michael Van de Poppe believe September is the best month to load up on Bitcoin assets due to the historical dip and imminent rebound in the coming months.
Crypto whales are taking advantage of the dip and are buying up bitcoin this month according to various reports.
Lookonchain, an online activity tracker, reported that a crypto whale bought $19 million worth of Bitcoin this month while another acquired 2,322.37 BTC, valued at $136 million.