Shiba Inu (SHIB), the second-largest meme token, reclaimed the $7 billion mark in market capitalization on Monday. On a higher note, the total cryptocurrency market cap has reclaimed $1 trillion. This happened as the crypto market saw signs of recovery with Bitcoin (BTC) crossing $22,000 and many other large-cap altcoins breaking out.
Shiba Inu’s Market Capitalization
After weeks of the massive selloff in the cryptocurrency market that resulted in the price decline of many assets, the crypto market seems to be experiencing a mild recovery.
Particularly, Shiba Inu (SHIB) fell significantly in price and has been trading at the bottom of the chart for several weeks. Accordingly, its market capitalization declined below $5 billion in mid-June, according to data from Coingecko.
However, investors seem to be taking interest in Shiba Inu (SHIB) as its accumulation rate has been on the rise. This has resulted in an increased market cap of the dog-themed token.
Interestingly, Shiba Inu (SHIB) reclaimed $7 billion in market capitalization on Monday before it retraced. To note, the last time the market cap of Shiba Inu crossed this amount ($7 billion) was in early May before the crypto winter surfaced.
It is worth noting that Market Capitalization, otherwise called Market Cap, is calculated by multiplying the current price of a certain digital asset by its circulating supply.
Read Also: SHIB Burn: More Than 1.2 Billion Shiba Inu Tokens Burnt In One Week; BONE Minting Rate Declines
Total Crypto Market Cap Reclaims $1 Trillion
Today, the leader of cryptocurrencies, Bitcoin (BTC) saw a spike in price as it crossed $22,000 per BTC. Likewise, Ethereum (ETH) grew above $1500 while many other large-cap altcoins like MATIC also saw a price breakout on Monday.
As a resultant effect, the global cryptocurrency market cap crossed $1 trillion once again. At the time of writing, Bitcoin (BTC) has a market cap of $411.4 billion while the global market cap of cryptocurrency is $1. 04 trillion, according to Coingecko.
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