• Total crypto market cap has reached an all-time high of $3.83 trillion, driven by Bitcoin’s surge to just under $104,000
• Bitcoin’s market cap has exceeded $2 trillion for the first time, making it the world’s seventh-largest asset
• Altcoin market capitalization has also hit a new peak of $1.85 trillion, surpassing its November 2021 peak
Cryptocurrency markets have been making headlines this week, with the total market capitalization hitting a record high. The total crypto market cap has now reached a staggering $3.8 trillion, marking a significant milestone in the crypto industry. This surge in value has been largely driven by recent political developments and the promise of a more crypto-friendly regulatory environment in the United States.
Historic Rise of Total Crypto Market Cap
This week, the total crypto market cap reached an all-time high of $3.83 trillion, marking a 27% rise in just one day. This surge has been significantly influenced by the recent presidential election victory of Donald Trump, who is known for his pro-crypto stance. In fact, since election day on November 5, nearly $1.5 trillion has been injected into the crypto market, resulting in a mind-boggling 63% surge in total cap in just one month.
Bitcoin Dominance in the Crypto Market
The rise in the crypto market cap has outpaced its previous peak during the 2021 bull market when it hit a high of $3.08 trillion. This current peak is 24% higher, hinting at a possible similar gain in the upcoming cycle. Bitcoin has played a significant role in driving this record, reaching its own all-time high just shy of $104,000. Consequently, Bitcoin’s dominance has recovered to 57%, and its market cap has crossed the $2 trillion mark for the first time, placing it as the world’s seventh largest asset.
Predictions for Future Bitcoin Market Cap
Notable figures in the crypto industry like Michael Saylor, the founder of MicroStrategy, have made bold predictions about the future of Bitcoin’s market cap. Saylor predicts that the Bitcoin market cap could reach a staggering $280 trillion by 2045, equating to a value of $13 million per coin.
Altcoin Market Cap at All-Time High
Ethereum, the second-largest digital asset by market capitalization, has yet to reclaim its psychological barrier at $4,000 but is not far off. However, the total altcoin market capitalization has also hit a new peak, surpassing its previous high in November 2021. Currently, Ethereum and stablecoins alone make up 35% of this total.
Conclusion
This week’s record-breaking surge in the total crypto market cap underscores the growing influence and acceptance of cryptocurrencies. The pro-crypto stance of the newly-elected President and the promise of a more favorable regulatory environment have ignited a fire in the crypto markets, driving total market capitalization to unprecedented heights. As we move forward, the crypto market continues to hold promising potential for investors worldwide.
