Crypto Mcap Hits $3T Since Nov 2021; Bitcoin Nears $90,000 BTC dominates at 56.2 per cent with Ethereum following at 13 per cent
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
The cryptocurrency market continues to set new records on its bullish run since November 6. With institutional and retail investors stacking investments into the sector, the global crypto market cap crossed USD three trillion (USD 3.1T) for the first time since November 2021.
With this feat, the crypto market cap is now larger than the mcap of tech giant Microsoft, while close to surpassing France's gross domestic product (GDP).
The star- Bitcoin (BTC)- has again hit an all-time high of over USD 89,000, rising over 7 per cent in over the past 24 hours. Meanwhile, both Ethereum (ETH) and Solana (SOL) climbed over four per cent to sit above USD 3,300 and USD 219, respectively.
At the time of publishing, BTC stood at USD 87,884.01. According to CoinMarketCap, BTC witnessed a 24 hr trading volume of USD 131.14B.
With this positive rally, BTC, ETH and SOL boast of a m-cap of USD 1.74T, USD 400.23B, and and USD 103.72B, respectively.
The Trumphic Push
The victorious emergence of pro-crypto Donald Trump as the 47th President of the United States has propelled crypto into greater highs, almost on a regular basis.
Since November 6, crypto market grew from over USD 2.3T to near the USD 3T mark. According to the Crypto Greed and Fear Index, market sentiment has reached 87, indicating "Extreme Greed."
Also Read: Bitcoin Breaches ATH For Third Time in 7 Days, Sits Above $81,000
BTC dominates at 56.2 per cent with Ethereum following at 13 per cent.
Tracking over 15,000 cryptocurrencies, CoinGecko data shows Elon Musk-inspired and Pump.fun ecosystem cryptocurrencies as the largest gainers in the industry. Under the former, Dogecoin stands at USD 0.3628, witnessing a gain of over 20 per cent in 24 hours.
A BTC market price of USD 100,000 would surge take its market cap to nearly USD two trillion. Notably, investment bank Standard Chartered said in a latest research report that crypto mcap could balloon to USD 10T by 2026 under the Trump Administration.
