Crypto Market Cap Tops $2 Trillion; Bitcoin Breaches $44.8k

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Cryptocurrencies extended gains early on Friday, breaching the $2 trillion threshold for market capitalization as market leader Bitcoin surged to a high of $44,836 and lead contender Ethereum peaked to $3,183. Reports that Russia was warming up to the idea of accepting payments for gas and crude oil in Bitcoin, as well as the safe passage of the MiCA crypto regulation in the E.U. parliament without the risk of a PoW ban helped bolster confidence in cryptocurrencies in general and Bitcoin in particular.

Earlier, reports emerged that the chair of Russia's Duma Committee on Energy indicated willingness to accept payments for oil and gas in Bitcoin also.

Dr Stefan Berger, the lead politician responsible for the MiCA report in the EU Parliament clarified that a proof of work ban was now officially off the table.

The Dollar Index dropping to 98.40 also strengthened the dollar denominated price of cryptocurrencies. Dollar index is currently at 98.63 after peaking to 98.75.

Gold Futures for April settlement declined by 0.84 percent and is now near the $1945 level.

Overall crypto market capitalization is at $2.03 trillion, recording an increase of more than 4 percent from the levels 24 hours ago. Bitcoin's dominance increased to 42 percent, from 41.7 percent early on Thursday. Ethereum's dominance too improved to 18.8 percent, from 18.6 percent a day ago. Stablecoins dropped to 9.19 percent dominance, from 9.50 percent a day before, as the positive cues buoyed the risk-on sentiment. Altcoins now command 30.01 percent market share as compared to 30.2 percent early on Thursday.

Bitcoin is currently trading at $44,836.08 after gaining around 4.7 percent in the past 24 hours. BTC has gained more than 10 percent in the past week.

Ethereum is now trading at $3178.78, aided by the 5.4 percent overnight surge. ETH's weekly rally has been more than 13 percent.

Ethereum outperformed Bitcoin amidst excitement regarding Ethereum's transition to the Proof of Stake consensus, from the proof of Work consensus that is currently in vogue.

7th ranked Cardano (ADA) however dropped more than 1 percent, but still managed a 36 percent weekly gain.

28th ranked Ethereum Classic (ETC), a spin off from Ethereum surged more than 12 percent amidst reports of ETH miners shifting to ETC in the backdrop of ETH's transition to the PoS consensus. ETC recorded weekly gains of 83 percent and is the best in the top 100 category.

35th ranked Axie Infinity (AXS), 48th ranked THORChain (RUNE), 64th ranked Quant (QNT), 67th ranked Chiliz (CHZ), 75th ranked Convex Finance (CVX), 79th ranked Kadena (KDA), 88th ranked Holo (HOT), 91st ranked Qtum (QTUM) etc. made noteworthy gains of more than 10 percent in the past 24 hours.

As investor interest returns again, the crypto market is in euphoria. Unlike on the previous day, it is Bitcoin and Ethereum that has increased market dominance.

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