The last two times bitcoin prices made new all-time highs, total crypto market capitalization was around $3 trillion.\u00a0On Nov. 10, 2021, the metric topped $3 trillion when BTC hit its cycle peak of $69,000.<\/p>\n
Total capitalization also neared the $3 trillion mark in March this year when the asset made its all-time high of $73,738.<\/p>\n
However, as BTC closes in on new price discovery<\/a> again this week, total capitalization remains at around $2.5 trillion. This means that altcoin markets are down around $500 billion from previous peaks.<\/p>\n The major drag on total capitalization at the moment is Ethereum, which has vastly underperformed this year.\u00a0During the last bull market peak, ETH market capitalization reached $570 billion when the asset hit its peak price of $4,878 on Nov. 10, 2021.<\/p>\n In March of this year, ETH market capitalization reached $490 billion, and the asset topped $4,000. However, its market cap at the moment is just $317 billion, with prices failing to break resistance at $2,650, down 46% from their peak three years ago.\u00a0Some traders remain unperturbed, however, viewing the lull as an accumulation zone.<\/p>\n $ETH<\/a><\/p>\n As mentioned before, 30% of my total spot portfolio is in Ethereum \u2013 Not without a reason.<\/p>\n Beautiful accumulation. pic.twitter.com\/c2iaLgWcEQ<\/a><\/p>\n \u2014 TraderPA (@Trader1PA) October 29, 2024<\/a><\/p>\n\n Ethereum is not the only altcoin dragging its digital feet. Most of the high-cap crypto assets are down significantly from their peaks. Solana (SOL) is 31% down, XRP\u00a0is 85% down,\u00a0Dogecoin<\/a> (DOGE) is 76% down, Toncoin (TON) is 39% down, and Cardano (ADA) is\u00a0<\/span>a whopping 88% away.<\/p>\n Other previously high-cap altcoins such as Polkadot (DOT) have collapsed 92% from their peak price while Shiba Inu (SHIB) is down 78%.<\/p>\n The only altcoin even close to its peak that was in the top ten in 2021 is Binance Coin (BNB), which is 16% away from a new price high.<\/p>\n This altcoin market cap drag comes despite a surge in stablecoin capitalization, which is currently $177 billion, up from around $120 billion in late 2021. Analyst James Check noted the impact of the stablecoin market cap, stating<\/a> that it is \u201cactually worse for altcoins\u201d than it appears.<\/p>\n The altcoin crush and lack of momentum for most crypto assets indicate a lack of retail<\/a> participation at the moment.<\/p>\n This is further evidenced by the surge in institutional Bitcoin ETF flows, which have seen more than $2 billion worth of inflows over the past five trading days.<\/p>\n Moreover, Bitcoin dominance has now topped 60% for the first time since March 2021, according<\/a> to Tradingview. However, some analysts are confident that altseason is just around the corner.<\/p>\n Altseason is about to start any moment now. pic.twitter.com\/pHK11MVjF5<\/a><\/p>\n \u2014 Mister Crypto (@misterrcrypto) October 29, 2024<\/a><\/p>\n\n The post As Bitcoin Nears Record Highs, $500B Missing from Altcoin Markets<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The last two times bitcoin prices made new all-time highs, total crypto market capitalization was around $3 trillion.\u00a0On Nov. 10, 2021, the metric topped $3 trillion when BTC hit its cycle peak of $69,000. Total capitalization also neared the $3 trillion mark in March this year when the asset made its all-time high of $73,738. […]<\/p>\n","protected":false},"author":0,"featured_media":16532,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-16531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/16531"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16531"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/16531\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/16532"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}So What is Different?<\/h2>\n
Bitcoin Dominance Tops 60%<\/h2>\n