Crypto market cap hits $3 trillion as BTC smashes past $85k

The global cryptocurrency market has reached a new milestone, surpassing the $3 trillion mark on November 11, 2024, following a significant surge in Bitcoin’s (BTC) price. Bitcoin’s rise past the $85,000 threshold set the stage for the total market cap to cross this critical level.

Key Developments:

• Bitcoin’s Price Surge: Bitcoin surged 6% in the past 24 hours, reaching an all-time high of $85,000. Over the past 30 days, BTC has gained 38%, and in the last year, the flagship cryptocurrency has seen impressive gains of over 130%.

  According to crypto.news, the total market capitalization of all cryptocurrencies stood at $3.01 trillion as of 12:20 ET on November 11. This represents a 3.3% increase in the last 24 hours and more than 5% growth compared to a year ago.

• Bitcoin’s Market Dominance: As of the latest data, Bitcoin holds a market cap of $1.67 trillion, maintaining a dominant position with 55.7% of the overall market. This is particularly notable as Bitcoin’s market cap has now surpassed Meta Platforms (formerly Facebook), and is just shy of flipping Silver’s market cap of $1.72 trillion according to CompaniesMarketCap.

Other Key Players:

• Ethereum (ETH) continues to hold a significant position in the market, with a market cap of $397 billion and a 13.2% market dominance.
• Stablecoins account for $182 billion, representing 6% of the total market capitalization.

Factors Driving the Market:

• Political Influence: The 2024 U.S. presidential election, with Donald Trump’s win, has ignited optimism about a crypto-friendly White House, fueling bullish sentiment in the crypto space. Investors are particularly bullish on Bitcoin, but the broader market, including altcoins like Solana (SOL) and BNB, are also poised for potential rallies.
  • Solana (SOL) and BNB have both seen notable gains, with SOL up 5.83% and BNB up 2.79%.
• Meme Coins on the Rise: In addition to the major cryptocurrencies, meme coins like Dogecoin (DOGE), Dogwifhat, and Floki are experiencing substantial upside, as the meme coin narrative gains fresh momentum.

The crypto market is on fire, reaching a $3 trillion market cap as Bitcoin leads the charge. With growing institutional interest, the potential for a crypto-friendly U.S. administration, and the continued rise of altcoins and meme coins, the outlook for the crypto space looks increasingly bullish. As Bitcoin continues to drive market sentiment, assets like Ethereum, Solana, and BNB are also showing strong momentum, positioning the market for further growth.