After a staggering growth in the four months of 2021, May and June have been pretty dynamic for the global crypto market. First, the regulatory concerns in China and Elon Musk’s announcement about not allowing Bitcoin transactions for Tesla crashed the crypto market in May. Then, in June, cryptocurrencies plummeted again after the US Department of Justice seized $2.3 million in crypto coins paid to the ransomware extortionists Darkside, which had targeted Colonial Pipeline.
Nevertheless, the world’s largest crypto coins still grew their market cap significantly compared to January figures.
According to data presented by BlockArabia.com, the combined market capitalization of Bitcoin, Ethereum and Tether, as the top three cryptocurrencies, amounted to over $1trn last week, a $396bn increase since the beginning of the year.
Bitcoin’s Market Cap Grew by 30% Since January
After a fantastic performance throughout 2020, the world’s leading cryptocurrencies exploded in 2021, causing the global crypto market cap to hit a new record high. In the first week of May, the combined value of all crypto coins hit $2.43trn, a massive 220% increase YoY.
Bitcoin, the biggest digital currency, accounted for 45% of that value. The CoinMarketCap data show its price rallied over 100% in five months of 2021, helping its market cap hit $1.1trn at the beginning of May.
However, by the end of last month, the flagship cryptocurrency fell to more than