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

The capitalization of the global crypto market has reached $3 trillion after many cryptocurrencies rose following Bitcoin’s price discovery.

Bitcoin (BTC) surpassed $85,000, pushing the total cryptocurrency market cap to over $3 trillion on November 11.

The flagship cryptocurrency is up 6% in the last 24 hours and reached $85,000 for the first time. BTC price is up 38% in 30 days, and bulls have seen gains of more than 130% in the past year.

According to market data tracked by Crypto.news, the overall market cap of all cryptocurrencies was just over 3.01 trillion at 12:20 ET on November 11, 2024.

At the time of writing, the market cap represented a 3.3% increase in the last 24 hours and an increase of more than 5% from a year ago. Bitcoin, in particular, enabled all cryptocurrencies to reach the turning point in the last bull market in 2021.

As of press time, Bitcoin’s market cap stood at over $1.67 trillion, indicating overall dominance of 55.7%. BTC market cap surpassed Meta Platforms last week and is now just a whisker away from devaluing Silver; According to global assets rankings on CompaniesMarketCap, Silver is the eighth largest asset with a market capitalization of $1.72 trillion.

Meanwhile, Ethereum (ETH) has a market cap of $397 billion, reflecting a dominance of 13.2%, and stablecoins account for 6% of the total market cap at $182 billion.

With Donald Trump winning the 2024 US election for a potentially crypto-friendly White House, investors are bullish on BTC and the rest of the space. This includes the altcoin market, where assets like Solana (SOL) and BNB (BNB) could be primed for an explosive rally.

Also seeing significant gains and being ready is meme money. Dogecoin, dogwifhat, and Floki recorded significant upward movement last week as the meme narrative gained new momentum.