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Crypto market cap hits record $3.2 trillion, CoinGecko data shows

Published 14/11/2024, 07:34 pm
© Reuters
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Investing.com -- The global cryptocurrency market has surged past $3 trillion, with Donald Trump’s election as US president fueling speculation that friendlier regulations could spark a new wave of growth across digital assets.

According to data from CoinGecko, the total market capitalization of cryptocurrencies reached nearly $3.2 trillion in early trading on Nov. 14 in Asia. This new milestone surpasses the peaks of 2021 when pandemic-driven stimulus encouraged speculative investment.

Bitcoin and the broader crypto market have been range-bound in recent months amid sluggish sector growth and trading activity.

The world’s largest crypto asset continues to dominate the space, with its latest climb to an all-time high of $93,480 driving the market’s value milestone.

"Generally the way this market goes is bitcoin will break out and then the rest of the altcoins will follow," said Matthew Dibb, chief investment officer at crypto asset management firm Astronaut Capital. "So there is that gradual rotation of capital...and then we can expect the total market cap to increase."

Trump's victory, alongside the election of several pro-crypto lawmakers, appears to have lifted some of the regulatory uncertainty that has previously weighed on the market, igniting optimism among investors.

Bitcoin has doubled in value this year and risen 30% since the US election on Nov. 5, now reaching $90,000. Meanwhile, ether, the second-largest cryptocurrency, has gained about 33% to hit $3,220. Dogecoin, a volatile meme coin supported by Trump-ally Elon Musk, has soared by 140%.

Market observers also note significant inflows into crypto exchange-traded funds (ETFs), which are likely appealing to financial institutions that prefer to avoid holding cryptocurrencies directly.

"Bitcoin enthusiasts are known for bold predictions, but hitting $100,000 by year-end seems feasible," said Carl Szantyr, founder and managing partner at Blockstone Capital.

Meanwhile, individual crypto-related stocks also saw significant gains.

For instance, MicroStrategy Incorporated (NASDAQ:MSTR), the biggest publicly listed corporate holder of Bitcoin, surged more than 44% since the election day.

Likewise, crypto exchanges Coinbase (NASDAQ:COIN) and Robinhood (NASDAQ:HOOD) jumped about 47% and 28%, respectively, while crypto miners Riot Platforms (NASDAQ:RIOT) jumped 31%, Marathon Digital Holdings Inc (NASDAQ:MARA) 34%, and CleanSpark (NASDAQ:CLSK) 48%.

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