Total crypto market capitalization hits a new high of $3.1 trillion

Total crypto market capitalization hit an all-time high of $3.12 trillion during early trading in Asia on Tuesday, November 12. It has now surpassed the $3.08 trillion market capitalization peak reached in November 2021, nearly three years ago.

“Crypto market hits $3 trillion market cap, returning to levels last seen in November 2021,” Binance commented.

Digital asset markets have gained 80% so far this year, rising from $1.72 trillion on January 1 to more than $3 trillion today.

Total crypto market capitalization hit a new all-time high today, surpassing November 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’s still in its early days.

The massive rise has been dominated by Bitcoin, which has a commanding share of just over 60% of the entire market, according to TradingView.

Bitcoin’s market capitalization is currently $1.75 trillion, which is larger than that of silver, which is $1.73 trillion. It’s also larger than the market caps of Facebook’s parents, Meta and Tesla. However, Bitcoin is still only 10% of gold’s market capitalization, which is $17.6 trillion, according to CompaniesMarketCap.

“The fact that gold is still 10 TIMES bigger than Bitcoin is incredible,” Kobeissi Letter commented, adding:

“This not only shows how big gold is, but it also shows how big Bitcoin can be.”

BREAKING: The market capitalization of #Bitcoin it is now officially larger than silver’s market cap at $1.736 trillion.

Bitcoin is now the eighth largest asset in the world. pic.twitter.com/yeO22yL28U

— Kobeissi Letter (@KobeissiLetter) November 11, 2024

In a research report last week, investment bank Standard Chartered said the new government should push for positive policies, which could see the total crypto market cap rise to $10 trillion in end of 2026.

BTC closes at $90,000

Bitcoin is clearly driving the momentum right now. The king of crypto hit another all-time high of $89,560 during Asian trade on November 12, according to CoinGecko.

BTC has now gained 30% since the same time last week on US election day. This is an increase of over $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 as much as you can. Don’t fight it – add crypto exposure ASAP.”

Bernstein ($800 billion AUM) just released its Monday morning note to clients:

“Welcome to the Crypto bull market. Buy as much as you can. Don’t fight it – add crypto exposure ASAP.”

Stage 3 is indeed ready. pic.twitter.com/ZGLoLvtXJD

— Yano (@JasonYanowitz) November 11, 2024

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