Bitcoin closes in on Silver with a $1.3T market cap: Is Gold next?

• Bitcoin and Ethereum have risen to become one of the most valuable assets globally.
• There has been a pause in the uptrends that BTC and ETH saw in the previous week.

Recent data shows that Bitcoin [BTC] and Ethereum [ETH] have achieved dominance not only within the cryptocurrency market but also in the broader financial landscape.

Their market capitalizations have grown significantly, now rivaling the valuations of many traditional companies.

Bitcoin and Ethereum features among top assets

A study of data by Crypto Rank revealed that Bitcoin and Ethereum featured prominently among the top assets by market capitalization. 

The data showed that Bitcoin ranked ninth with a market cap of $1.33 trillion. Also, BTC was just behind Silver, which had a market cap of $1.8 trillion. 

Furthermore, the largest asset by market capitalization was Gold, at $15.7 trillion. 

Additionally, Ethereum ranked 24th with a market cap of $455 billion, notably surpassing Mastercard, which had a market cap of $413 billion.

Bitcoin and Ethereum continue dominance

Analysis of cryptocurrency data from CoinMarketCap showed that the total market capitalization of cryptocurrencies exceeded $2.5 trillion. Bitcoin accounted for over $1.3 trillion of this, giving it a market dominance of almost 53%. 

Also, Ethereum’s market capitalization was over $453 billion, representing nearly 18% of the total market. 

Combined, Bitcoin and Ethereum make up over 70% of the entire cryptocurrency market capitalization, meaning their price movements significantly impact the overall market.

Although the total cryptocurrency market capitalization is much smaller compared to Gold, it still holds substantial value.

BTC and ETH sees pause in uptrends

Bitcoin has recently dropped further from the $70,000 price range, leading to a decline in its market capitalization. Analysis of the daily time frame chart showed that after fluctuating between $68,000 and $69,000 for several days, it fell to around $67,000. 

By the end of the trading session on 29th May, it had decreased by over 1% to approximately $67,500. As of this writing, Bitcoin was trading at around $67,900, reflecting a slight increase of less than 1%.

Source: TradingView

Furthermore, Ethereum has recently experienced a pause in its upward trend. 

Source: TradingView

Realistic or not, here’s ETH market cap in BTC’s terms

It reached around $3,890 on 27th May, the highest level since it rose to about $4,000 in March. However, subsequent downtrends quickly halted this rise. 

By the end of the trading session on 29th May, Ethereum had declined by over 2%, trading at around $3,762. As of this writing, it was trading at approximately $3,750 after a slight further decline.