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The altcoin market valuation is approaching $ 600 billion and the rally is just beginning


While Bitcoin has been grabbing most of the headlines, altcoins have also hit new records recently.

Altcoin Market Chart
Altcoin Market Chart via TradingView

Altcoins are now worth more than $ 580 billion. Ethereum remains the most dominant altcoin with a market capitalization of $ 210 billion. Tether, Cardano, XRP, Polkadot, Binance Coin, and Litecoin are the other biggest altcoins, respectively.

Over the past week, altcoins saw incredible price increases, with some even doubling in value. Cardano has been one of the biggest winners, posting 64% last week for fourth place. Binance Coin at 72%, Stellar at 61%, EOS at 50.6%, TRON at 57% and VeChain at 80% have been the big winners. IOTA gained 121% to trade at $ 1.26.

Decentralized finance (DeFi) projects have also played an important role in the rise of the altcoin market. In just the past two months, the total value locked into DeFi projects has tripled to $ 40.1 billion according to DeFi Pulse. Maker leads the market with $ 6.70 billion, with Aave at $ 5.90 and Compound at $ 4.75 following suit.

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