The total market capitalization of crypto assets jumped by more than $50 billion in the last 24 hours after Bitcoin (BTC) and Ethereum (ETH) saw strong gains yesterday.
According to Coinmarketcap, the overall market cap of cryptocurrencies currently stands at around $2.08 trillion. Bitcoin, the world’s largest crypto asset, is currently trading near $46,000 with a market cap of over $860 billion.
Ethereum’s market cap also recovered quickly after the latest correction. The crypto asset is currently trading above $3,300 with a market cap of $390 billion. ETH’s crypto market dominance decreased slightly in the last few days due to the recent jump in Solana, Cardano, and Polkadot. Ethereum now accounts for 18.8% of the total crypto market cap.
Retail and institutional crypto investors saw major liquidations last week after a dip in Bitcoin and Ethereum triggered a $300 billion correction in the crypto market. On 7 September 2021, nearly $3.4 billion worth of long cryptocurrency positions got liquidated.
The $2 trillion market cap level acted as strong support for cryptocurrency assets. Despite the latest dip, the overall crypto market sentiment remained positive at the mentioned level.
El Salvador’s Crypto Adoption
Last week, El Salvador became the first country in the world to officially recognize Bitcoin as a legal tender in the region. Commenting on the latest crypto adoption of El Salvador and BTC’s price action, Mads Eberhardt, a cryptocurrency analyst at Saxo Bank, said: “As the first country in the world, El Salvador made Bitcoin legal tender last week. This means Bitcoin serves as an official currency of El Salvador alongside the US dollar. Following the implementation of Bitcoin as legal tender, El Salvador made three Bitcoin purchases counting a total of 550 Bitcoins. El Salvador launched its own Bitcoin wallet called “Chivo”, through which every Salvadoran living in the country can get $30 in Bitcoin to increase the adoption of the country’s new legal tender.”