Despite the crypto market seeing gains over the weekend, the market is presently in the reds as big banks have continued to see losses. Presently, the entire crypto market cap has once again driven up to record a 2.4% gain, boasting a new figure of around $1.92 billion.
With the new figure, the market has now beat out the previous record of $1.8 trillion that is recorded at the start of the month. Also, the market cap has grown within 26% of touching the market cap of gold, with the precious metal still dropping drastically in the wake of the dollar rising.
Bitcoin and Ethereum slip
Most of the crypto market cap surge has been attributed to the massive rise recorded by the leading digital asset, Bitcoin. At the start of the European trading session, the digital asset saw a gain of around 2.5% to continue its pursuit of $60,000. Despite starting the day in a vital region, the digital asset has since seen a slight decline and still recording with the passing minutes.
Ethereum, which has been known to be an ardent follower of Bitcoin, previously saw a rise too but is now dropping drastically. But while the top two digital assets are in the drop zone, the biggest performer in the market is now Binance Coin. The digital asset is presently recording an 11.5%, which is enough to establish its place as the third-largest digital asset in the market. BNB has continued its onslaught in the market, rising from its previous high price of $230 and now trades around $310.
According to analysts, the coin has been seeing a move up in the market due to the recent news about the good performance recorded by some of the biggest protocols on EOS. Filecoin is presently looking like the golden boy of the crypto market, recording a 23% increase in the last few hours. This recent performance is coming after a recent weekend performance which saw the digital asset accumulate 30% to its price.
Bitcoin posts remarkable Q1 performance
The major reason for the drastic rise of the digital asset has also been said to be due to the recent news from Grayscale. With the first quarter set to close in some hours, analysts have been giving their review of how the market has gone so far. Most of them have conceded that the crypto market has seen one of the biggest performances of the Q1 in about ten years.
This is also despite the volatility that has caused the market to suffer several flash crashes. Bitcoin is also on course to record one of its best performances with the digital asset already 80% up in profits. With that, Bitcoin has been able to record price records in the last four first quarters.
As it stands, Bitcoin has also been the most contributor to the crypto market cap. But with the digital asset seeing its dominance figure cut to 50% is a sign that the digital asset has seen a slight decline, and other digital assets are performing very well lately.