Crypto Market Cap Surpasses $3 Trillion as Bitcoin Soars Above $85K

The global cryptocurrency market capitalization has crossed the $3 trillion threshold, fueled by a massive surge in Bitcoin’s price, which recently broke through the $85,000 mark.

On November 11, 2024, Bitcoin (BTC) achieved a new all-time high, climbing 6% in the past 24 hours and reaching highs of $85,000 for the first time. The cryptocurrency has risen by 38% over the past 30 days and has seen a staggering 130% gain over the last year. As a result, Bitcoin’s rally has helped push the total market cap of all cryptocurrencies to over $3 trillion, with the market cap standing at approximately $3.01 trillion at 12:20 ET on November 11.

This represents a 3.3% increase in the past 24 hours and a more than 5% increase compared to a year ago. Bitcoin, which led the market during the previous bull run in 2021, continues to dominate the crypto space. As of the latest data, Bitcoin’s market cap exceeds $1.67 trillion, accounting for 55.7% of the overall market, making it more valuable than companies like Meta Platforms. Bitcoin’s market cap is now also very close to overtaking Silver, which has a market cap of $1.72 trillion and currently ranks as the eighth-largest global asset.

Ethereum (ETH), the second-largest cryptocurrency by market cap, is also experiencing solid growth, with a market cap of $397 billion and a 13.2% market dominance. Stablecoins, meanwhile, collectively account for $182 billion, or 6% of the overall crypto market.

The bullish sentiment surrounding Bitcoin is also spilling over into the broader crypto market. The potential for a pro-crypto U.S. administration under President Donald Trump, following his victory in the 2024 presidential election, has spurred investor optimism. Altcoins, including Solana (SOL), Binance Coin (BNB), and others, are seeing increasing interest as traders position themselves for potential gains.

Meme coins, such as Dogecoin, Dogwifhat, and Floki, have also experienced notable upward momentum in recent days, driven by renewed interest in the meme coin narrative.

With Bitcoin leading the charge, the entire cryptocurrency market is currently in a state of price discovery, with investors eagerly watching as the market continues to grow and evolve.