Analyst Joe Weisenthal from Bloomberg Podcasts believes the cryptocurrency market has shown impressive performance despite recent market fluctuations. This sentiment comes after an X user pointed out that, compared to 2021, the crypto market cap hasn’t significantly increased. 2021 saw a peak driven by retail speculation and the Gamestop frenzy. Bitcoin’s market cap has grown considerably in the past year but altcoin market cap has remained largely stagnant. Ethereum’s dominance has drastically shrunk to around 10%, reflecting the shift away from speculative investment.
Despite this, Weisenthal sees crypto’s performance as impressive considering the context of a massive correction earlier today that saw some altcoins lose over 15%. The total cryptocurrency market cap currently stands at nearly $3 trillion according to CoinGecko.