Back in 2009, the cryptocurrency industry only revolved around Bitcoin (BTC) because it was the first crypto to be launched to form the industry.
Until 2011, Bitcoin was the only cryptocurrency in the entire crypto sector so it managed to form a mindset. People and investors started to look up to Bitcoin as the very foundation of the cryptocurrency industry.
Therefore, whenever investors have to assess the overall situation of the cryptocurrency industry, they look up to Bitcoin. If Bitcoin moves upward, the entire crypto market follows it and the same goes for the demise.
Current Situation of the Crypto Market
Even to this day, when the total number of cryptocurrencies is more than 20,000, the trend continues as people still look up to Bitcoin.
If the price of Bitcoin moves upwards, people start pouring money into other cryptocurrencies, which triggers an overall upsurge in the entire crypto-verse.
It has now become an entire tradition that has been followed without any questions or concerns raised by investors of any other cryptocurrency.
Recent Performance of Bitcoin
Even the latest happenings with Bitcoin seem to have made a huge impact on the entire cryptocurrency industry.
On September 27, the trading price of Bitcoin managed to grow in value at a significant rate. A few days back, the trading price of Bitcoin fell all the way down to around $18,000.
Still, it didn’t take long for the largest cryptocurrency to make its comeback. On that particular day, Bitcoin’s price rose over the $20,000 mark, which was promising for the entire cryptocurrency industry.
Prior to Bitcoin’s surge, the entire cryptocurrency industry was very turbulent. However, the recent price movement of Bitcoin has helped clear out the turbulence and the industry is now moving on a straight path.
Overall Crypto Valuation is Close to hitting a $1 Trillion Valuation
With the recent push felt by Bitcoin, the overall valuation of the cryptocurrency industry has also felt its impact. The data shows that the overall valuation of the crypto-verse has made it closer to the $1 trillion mark.
Bitcoin’s push over the $20,000 mark is an obvious sign that the turbulence felt across the crypto-verse has ended.
With the positive and upward movement of Bitcoin, the overall cryptocurrency industry saw $50 billion added to its valuation. At the time of writing, the overall market capitalization of the cryptocurrency industry is worth $974 billion.
Just a day back (on September 26), the overall market capitalization of the crypto-verse was worth $921 billion.
This shows that in a matter of 24 hours, the crypto market valuation has surged 5.48%. The overall trading volume for the cryptocurrency market has also risen by 47.30%, getting pushed up to $85.68 billion.