Thomas Daniels
The global cryptocurrency market has crossed an unprecedented $3 trillion in total market capitalization, driven largely by Bitcoin’s surge, which has set a new all-time high, breaking through the $85,000 level. This latest milestone underscores renewed market momentum in the crypto sector, with Bitcoin leading the charge in what appears to be the beginning of a fresh bullish phase.
On November 11, 2024, Bitcoin’s price climbed over 6% within 24 hours to reach an $85,000 high, pushing the broader crypto market valuation beyond $3.01 trillion at 12:20 ET. This marks a 3.3% daily increase, and year-over-year, the market has grown by over 5%. Bitcoin itself has seen a remarkable 38% price increase over the past 30 days and more than 130% in the past year.
Bitcoin’s market dominance currently sits at 55.7%, with a capitalization exceeding $1.67 trillion—surpassing Meta Platforms last week and closing in on Silver, which holds a global ranking of eighth-largest asset with a market value of $1.72 trillion. As Bitcoin inches toward this milestone, Ethereum also commands a significant portion of the crypto market, boasting a market cap of $397 billion and a dominance rate of 13.2%. Stablecoins collectively account for approximately $182 billion, or 6% of the total crypto market cap.
The recent U.S. presidential election, won by Donald Trump, has fueled optimism among crypto investors who anticipate a pro-crypto regulatory landscape. This sentiment has rippled across the altcoin sector, with assets like Solana and Binance Coin (BNB) experiencing notable gains as well. Meme coins, including Dogecoin, Shiba Inu, and Floki, are also experiencing renewed interest as investors tap into the growing momentum within this niche.
