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According to Coin Gecko, the overall cryptocurrency market cap crossed $3 trillion for the first time this morning. As a result, cryptocurrencies can no longer be dismissed, with bitcoin’s market capitalization approaching silver.

Bitcoin and ethereum are the driving forces behind the ascent of cryptocurrency in recent days. Over the previous three days, Bitcoin has increased from a local low of $60,000 to a high of $66,400 today. Ethereum continues to move steadily to the upside, with a 10% increase in price during the same period.

Bitcoin’s market cap of more than $1.2 trillion is close to the all-time high achieved on October 20, while Ethereum’s market cap of $560 billion is approaching one-sixth of the overall crypto market cap.

The rest of the altcoins are increasing largely, so it’s not just about bitcoin and ethereum. Bitcoin’s market share is now hovering around 1%, with a modest comeback following a 2-to-3-week pullback.

Since May, Bitcoin’s market share has been fluctuating, with the peak at 48.9% and the lowest at 39.6%. Some experts believe bitcoin might plummet to the low 30%s if it breaks through the lower range boundary.

Fantom (5.4 percent), Crypto.com (9.5 percent), and Loopring (20.5 percent) are among the altcoins that are currently up on their bitcoin pairings today.

Most cryptocurrencies are still in the green when it comes to USDT pairings. The USDT market cap domination is presently at –2.5 percent, and the price has just crossed a key support trend line that dates back to June 2019. If the trend support does not hold, we might be in for more crypto pyrotechnics in the coming weeks.

Despite the negative statements made by prominent political, financial, and banking authorities, it appears that the bitcoin sector has recovered. Then there’s China, probably the world’s second most powerful government has declared war on cryptocurrency in recent months.

It outlawed bitcoin mining in China and made cryptocurrency transactions unlawful for any Chinese company or individual. Attempting, no doubt, to prepare the way for its own central bank digital money, which many fear would destroy whatever remaining liberties enjoyed by Chinese citizens.

With cryptocurrencies well into a bull market, it will be interesting to watch what the Federal Reserve, the US Treasury, the SEC, the IMF, China, and other central banks can do to keep them in check. We’ll probably find out in the next weeks.

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