Total crypto market capitalization hit an all-time high of $3.12 trillion during early trading in Asia on Tuesday, Nov. 12. This has now topped the $3.08 trillion market cap peak hit in November 2021, almost three years ago to the day.
“Crypto market hits a $3 trillion market cap, returning to levels last seen in Nov. 2021,” commented Binance.
Digital asset markets have now gained 80% so far this year, rising from $1.72 trillion on Jan. 1 to over $3 trillion today.
total crypto market cap reached a new all time high today, surpassing nov 2021 pic.twitter.com/A2uJgY7Ydm
— Mike Dudas (@mdudas) November 12, 2024
Still Early Days
This means that the entire crypto asset market is now larger than the market caps of Microsoft, Alphabet (Google), and Amazon. However, these are individual companies, and crypto is still smaller than Apple and Nvidia, so it is still in the early days.
The massive surge has been dominated by Bitcoin, which has a commanding share of just over 60% of the entire market, according to TradingView.
The Bitcoin market cap is currently $1.75 trillion, which is larger than that of silver, which is $1.73 trillion. It is also larger than the market caps of Facebook parent Meta and Tesla. However, Bitcoin is still just 10% of the gold market cap, which is $17.6 trillion, according to CompaniesMarketCap.
“The fact that gold is still 10 TIMES larger than Bitcoin is incredible,” commented the Kobeissi Letter, adding:
“Not only does this show how big gold is, but it also shows how big Bitcoin can be.”
BREAKING: The market cap of #Bitcoin is now officially larger than the market cap of silver, at $1.736 trillion.
Bitcoin is now the 8th largest asset in the world. pic.twitter.com/yeO22yL28U
— The Kobeissi Letter (@KobeissiLetter) November 11, 2024
In a research report last week, investment bank Standard Chartered said the new government should push through positive policies, which could lead to the total crypto market cap swelling to $10 trillion by the end of 2026.
BTC Closes on $90K
Bitcoin is clearly the driver of momentum at the moment. The king of crypto hit another all-time high of $89,560 during Asian trading on Nov. 12, according to CoinGecko.
BTC has now gained a whopping 30% since the same time last week, election day in the United States. This is a surge of more than $20,000 per BTC in just one week.
In a note to investors this week, global investment management firm Bernstein said, “Welcome to the crypto bull market. Buy everything you can. Don’t fight this – add crypto exposure asap.”
Bernstein ($800 billion AUM) just put out their Monday morning note to clients:
“Welcome to the Crypto bull market. Buy everything you can. Don’t fight this – add crypto exposure asap.”
Stage 3 really is upon us. pic.twitter.com/ZGLoLvtXJD
— Yano (@JasonYanowitz) November 11, 2024
