The Total Market Cap breaks new ATH record at $2.4 Trillion

2 min readMay 6, 2021

The total market cap seems to be totally on fire bringing a fresh ATH record at almost $2.4 Trillion as Bitcoin surpassed the resistance line of $55K and Ethereum set another ATH at $3,560.

It has been a long time since the last time we saw Bitcoin trading around $58,000. Last two weeks, the King of Cryptos was struggling to remain above $55K having multiple price drops. However, Bitcoin brought the solution on Thursday morning as the currency recovered some ground by adding $3,000 of value. Ethereum would not miss the party and followed BTC to north breaking another ATH.

Bitcoin returns above $58K

On May 3rd, Bitcoin jumped above $59,000 convincing everybody that the coin is ready to return back at $60K zone. The happiness didn’t last for too long as in less than 48 hours the asset plunged below $54K losing almost $6,000 of value.

Bulls responded immediately by taking the situation into their own hands. The primary cryptocurrency retraced $55K before it moves further north at $58,000. Nevertheless, BTC could not maintain the price above $58K and plunged at $57K where it currently trades.

Analysts say that if BTC wants to reclaim the coveted $60K once again, the currency should first jump above $58,500.

Bitcoin price analysis. Source: TradingView

Altcoins mostly in green

The alternative coins mimicked Bitcoin’s price movements and most of them are currently on the “green” side. All eyes are on Ethereum as the world’s second-largest cryptocurrency has broken many consecutive records. This time, ETH jumped above $3,560 which is marked as its latest record.

Cardano has marked an increase of 13% in the last 24 hours and was closer than ever from breaking a new ATH above $1.55.

Ripple, Polkadot and Binance Coin are also in green having increases of 15%, 7% and 3%, respectively.

We should not forget to mention that the total Market Cap has broken above $2.4 Trillion for the first time in history.

Bitcoin Cash has won today’s title of the best performer having an increase of 23%, leading the price at $1,336.

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