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The cryptocurrency market has achieved a new milestone, surpassing a total market value of $2.5 trillion.
This surge is attributed to significant gains in several major cryptocurrencies, including Dogecoin (DOGE), Polkadot (DOT), and Filecoin (FIL), alongside the continuous growth of market leaders Bitcoin (BTC) and Ethereum (ETH).
The leading cryptocurrencies
The cryptocurrency market's recent success story is led by Bitcoin, which now boasts a market cap of over $1.25 trillion after a 23.9% increase over the last seven days, reaching a price of $63,802.04.
Ethereum follows, with an 11.8% weekly gain, pushing its market cap to $417 billion.
Notably, Dogecoin has seen an astonishing 90.9% surge in the same period, elevating its market cap to over $23 billion.
The overall market has been buoyed by positive trends across the board, with other notable performers including Cardano (ADA) with a 33.8% increase and Shiba Inu (SHIB) skyrocketing by 178%.
Cryptocurrency vs. traditional assets
When juxtaposed with traditional assets and some of the world's largest companies, the crypto market's valuation offers a fascinating perspective.
Gold, a long-time safe haven asset, holds a colossal market cap of $14.079 trillion, dwarfing the cryptocurrency market.
However, when comparing market caps, the crypto market surpasses many leading tech giants, including NVIDIA ($2.056 trillion), Saudi Aramco ($2.036 trillion), and even comes close to Apple's $2.774 trillion valuation.
Yet, the companies included in the S&P500 index are currently valued at $43 trillion.