The year 2020 has witnessed a significant growth of the crypto market, with digital coins quickly recovering after the March crash and performing as a store of value in times of stock market fluctuations.
According to data presented by Stock Apps, the combined market capitalization of Bitcoin, Ethereum and Tether, as the three leading cryptocurrencies, hit $273.5bn this week, an 83% jump since January.
After an impressive performance in the first two months of 2020, the combined market capitalization of Bitcoin, Ethereum and Tether stumbled to $106.51bn on March 15th, revealed the CoinMarketCap data. However, the world’s three leading digital currencies quickly recovered, with their values growing above January and February levels.
In June, the top three cryptocurrencies’ combined market cap hit $202.37bn and continued growing. Statistics show that in September, this figure peaked at $287.25bn. Although the market capitalization of Bitcoin, Ethereum and Tether slightly dropped to $273.5bn in the second week of October, this value still represents a 156% jump compared to March figures.
As the world’s leading cryptocurrency, Bitcoin witnessed a 64% increase in market capitalization since the beginning of the year. In January, the combined value of all Bitcoins circulating in the crypto space amounted to $130.54bn. After a sharp fall to $88.96bn in March, this figure peaked at $220.17bn in September. Statistics show the market cap of the leading digital currency globally stood at $214.05bn at the beginning of this week.
The CoinMarketcap data indicate that Ethereum also witnessed impressive growth in 2020. In January, the market capitalization of the second-largest cryptocurrency globally amounted to $14.22bn, nine times less than the leading Bitcoin. In the next two months, the combined value of all Ethereum coins dropped to $12.91bn. However, the Ethereum price soon recovered, with the market cap jumping to $25.10bn in June. After hitting a $53.72bn value in September, the market capitalization of the world’s second-largest digital currency dropped to $43.75bn this week, still, a 207% increase compared to January figures.
Statistics show that Tether, the world’s most used stable coin, witnessed the biggest market capitalization growth in 2020. In January, the market cap of the third-largest cryptocurrency amounted to $4.1bn. At the beginning of this week, it stood at $15.63bn, a 283% jump in nine months.
Jastra has written for many other sites including BuyShares.co.uk, The Business Mogul, Inside Business, Business Today, Startups Magazine, and TradingPlatforms.com.
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