The total cryptocurrency market cap has exceeded the $3 trillion mark for the first time, according to data from CoinGecko.

This follows Bitcoin trading within 2% of its record high, and Ether, Solana and Polkadot moving into unprecedented price ranges.

The total crypto market cap hit fresh highs over its previous record of $2.62 trillion reached on 20 October, increasing by 14.5% in under three weeks.

The combined crypto market cap previously reached close to $2.62 trillion back in May this year. The prior bull cycle saw the total digital asset capitalisation reach a top of $848.6 billion on 6 January 2018.  

The CoinGecko data tracked 10,418 digital assets on 518 crypto exchanges, according to a Cointelegraph report.

However, despite Bitcoin’s price gains over the past two years, its market dominance has declined by 42.8% since its high of 70.8% on 6 September 2019.

That said, BTC could hit fresh all-time highs this week, says deVere CEO Nigel Green: “It’s taken a week or so longer than the Bitcoin bulls would’ve liked, but overnight on Sunday the world’s largest crypto took off again. It reclaimed its previous high of $64,900 from April and is closing in on its all-time high spot price of $66,000 from 19 October.”

He added: “Bitcoin will maintain its strength and is likely to shoot further this week, possibly hitting fresh all-time highs, as this current ‘take off’ generates further interest and momentum, attracting even more retail investors.”

Bitcoin – the world’s largest cryptocurrency by market cap – exceeds its nearest rival in regard to market share by more than double, with 40.5% or $1.22 trillion compared to Ether’s 18.6% or $560 billion, and the combined capitalisation of all other cryptocurrencies is 40.9% or $1.24 trillion.

As per Messari’s Ethereum screener – which monitors 209 projects built on the network - Ethereum’s ecosystem currently represents a market cap of $829 billion or 27.6% dominance.