The total market capitalization of the cryptocurrency market has dropped $1.16 trillion amid slowing market volatility. Data from the cryptocurrency aggregation platform, CoinGecko shows the total crypto market cap reached a yearly high of $1.34 trillion in the middle of April 2023.
The total crypto market capitalization measures the cumulative value of all circulating cryptocurrencies. Crypto analysts use it to gauge the health of the cryptocurrency market and to check the rate of capital inflow or outflow per time.
As of writing, the $1.16 trillion total crypto market cap on CoinGecko comprised the individual market caps of 10,240 tokens in 103 categories across 745 exchanges.
The total crypto market cap attained its highest value in November 2021, when the value rallied to $3.05 trillion at the peak of the bull run. Since then, that value has retraced, dropping as low as $826 billion in December 2022.
In the last 24 hours, the total crypto market cap gained 1.24%. However, compared to one year ago, it is still lower by 9.6%. Also, at $1.16 trillion, the value hovers around its low price for May 2023, having attained a monthly high of $1.27 trillion.
Bitcoin remains the dominant cryptocurrency with a market cap of $514 billion, reflecting 44.32% of the total crypto market cap, per CoinGecko. Ethereum claims 18.75%, while Stablecoins share 7.17% of the entire crypto market cap.
Although the value has dropped slightly, crypto users expect a resurgence soon, especially with the anticipation of a bull run. As the next Bitcoin halving nears, users look forward to increased market volatility and a capital influx that could push the market higher. If that happens, the total crypto market cap may discover new levels and establish another all-time high (ATH).