The ten biggest cryptocurrencies in terms of market capitalization are enjoying weekly gains, with Bitcoin (BTC) and Ethereum (ETH) taking the lead.
The two have recorded gains of 11.2% and 9.7%, respectively. At publication time, Bitcoin had recorded gains of 1% for the day and was trading at $20,981, while Ethereum had recorded 2% gains to trade at $1,551.
These gains were by far the best ones in the largest assets in the crypto market in the week. The week saw 5% gains in the XRP tokens, which is the sixth-largest crypto asset in the market.
The same span saw gains of 4.3% for Polygon (MATIC). The two leading crypto in the market were able to enjoy a solid performance despite the correction that occurred on Wednesday.
This had occurred ahead of a major announcement from the federal prosecutors in the United States, which many had believed would target a major company in the crypto industry.
While markets did take a hit, as there was an immediate 5% drop in both Bitcoin and Ethereum after the announcement, but the correction was mostly short-lived.
This was due to the fact that the announcement turned out to be criminal charges against Bitzlato, a little-known crypto exchange based in Hong Kong.
Thanks to the latest movements, there has also been a considerable increase in the overall crypto market’s capitalization.
Last week at this time, the market capitalization of the crypto space had been around $943 billion, but the figure has surpassed $1 trillion this week.
The total crypto market cap has exceeded the $1 trillion mark, as Bitcoin appears to be hovering close to the key level of $21,000.
According to experts, this is a sign of the potential recovery of the market after it endured a rather difficult crypto winter last year.
CoinGecko recently published its annual report for the crypto industry in which it disclosed that the market capitalization of the crypto space in 2022 had ended at a value of $829 billion.
It had stood at $2.3 trillion in the beginning of 2022, which made it a decline of about 64.1%. Throughout 2022, there was a decline in daily trading volumes.
The report showed that they had averaged at $86.0 billion. Bobby Ong, the co-founder of CoinGecko, said that 2022 had turned out to be a turning point for the crypto space.
This is because it eliminated all the excess that had made up the bull run. He said that crypto would hopefully make a recovery in 2023 and they would make more efforts in building credibility and trust.
As far as the performance in the last week beyond the top ten cryptocurrencies is concerned, there were three tokens that were major gainers.
These included Solana, which had recorded gains of about 28.5% in the past week. Shiba Inu, the meme token based on Ethereum, also saw a rally of 20.7%, and a 10.9% gain in Polkadot (DOT) was also recorded.