On Aug. 13, the total market capitalization of the cryptocurrency ecosystem approached $4.2 trillion, reaching $4.189 trillion, a new all-time high.
Solana Leads Top Altcoins as ETH Nears Lifetime High
On Wednesday, the cryptocurrency ecosystem’s total market capitalization neared the $4.2 trillion mark after several high-cap altcoins recorded significant 24-hour gains. As shown by Coingecko data, the total market cap stood at $4.189 trillion at around 6 a.m. EDT, a new all-time high.
Since dropping to just below $3.8 trillion after bitcoin (BTC) plunged below $113,000 on Aug. 6, the crypto economy rebounded gaining just over 10% during the period. It has largely bolstered by ethereum (ETH), which was closing in on its all-time high at the time of writing.
Unlike previous weeks when XRP and ETH have seemingly driven the altcoin rally, solana (SOL) was the top gainer among large-cap altcoins, rising by 15% in 24 hours. SOL’s double-digit gain on Aug. 13 saw the digital asset test the $200 mark for the first time since July 23. Since Aug. 2, when it declined to just above $156, SOL is up by nearly 30%, making it one of the best-performing large-cap altcoins in the month so far.
Solana’s surge, meanwhile, pushed its total market capitalization to approximately $109 billion, placing it just $10 billion behind fifth-ranked BNB, which stood at just under $119 billion at the time of writing. At the same time, despite accelerating by approximately 6% in just 24 hours, BNB still matched a high set on July 28 of $856. Cardano’s ADA and dogecoin (DOGE) were the other prominent altcoins to see significant gains in the 24-hour period, rising by 11.7% and 9.1%, respectively.
Despite the impressive surge among these top altcoins, which has notably seen bitcoin’s (BTC) dominance fall from around 60% to just over 57%, the market is not yet in an official altcoin season, according to some analysts. This cautious stance is supported by key market metrics, such as the Altcoin Season Index, which currently sits at a score of 41.
This figure remains significantly below the 75 threshold that is traditionally required to officially declare the start of a true altcoin season. This suggests that while capital is shifting, a widespread, sustained rally across the entire altcoin market has not yet begun.