Crypto market inches towards $3 trillion for the first time as Bitcoin tops $66k

Crypto market inches towards $3 trillion for the first time as Bitcoin tops $66k
8 months ago
3 mins read

As prominent altcoins reach new all-time highs, the aggregate market capitalization of all cryptocurrencies is getting closer to $3 trillion for the first time.

On Monday, November 8, Bitcoin (BTC) continued to rise as Ethereum (ETH), Solana (SOL), and Polkadot (DOT) all recently pushed into previously unexplored price ranges. 

Currently, the flagship digital asset BTC is now trading at $66,094, up 6.50% in the last 24 hours and up 6.11% over the previous week, with a total market cap of $1.2 trillion.

Bitcoin 1 day price chart. Source: CoinMarketCap.com

Notably, in just 24 hours, Bitcoin climbed from $61,7100 to $66,094 as the price of BTC spiked, with over $70 billion flowing into the digital asset.

Crypto experts predict

Elsewhere, prominent crypto trading analyst Michael van de Poppe stated on the markets epic rise: 

“Total market capitalization hitting $3 trillion for #Crypto. As a comparison, the http://Dot.com bubble was $10-12 trillion in 2000.”

Also, Poppe noted that “so far, so good” for Bitcoin as per the charts.

Bitcoin/USDT chart. Source: Michael van de Poppe

Similarly, Crypto Birb, a certified technical analyst, considers that a breakthrough to $80,000 is already taking shape.

Bitcoin/USDT chart. Source: Crypto Birb

Research shows that Bitcoin is still the best investment for a high return on investment (ROI). This year, the return on Bitcoin ROI has been much better than the return on most other assets, surpassing the majority of commodities, stocks, currencies, and indices.

Several cryptocurrency analysts anticipate that other milestones will be reached in the last two months of 2021, with one renowned price prediction model predicting that Bitcoin will hit six digits by Christmas time.

Global crypto market

Presently, the entire value of the cryptocurrency market is $2.87 trillion, representing a 4.49% gain over the previous day, while the total volume of the cryptocurrency market during the past 24 hours is $107.77 billion, reflecting a 14.73% increase. 

Crypto Market capitalization. Source: CoinMarketCap.com

The entire volume in DeFi is presently $15.30 billion, accounting for 14.2% of the total 24-hour volume, while all stable currencies are now $81.55 billion, accounting for 75.67%.

The market domination of Bitcoin has declined by 42.8% after reaching a peak of 70.8% on September 6, 2019, despite the cryptocurrency’s significant price increases over the last two years.

In terms of market share, Bitcoin continues to outperform its closest competitor by more than double with 40.5% or $1.22 trillion, compared to Ethereum’s 18.6% or $560 billion. However, the combined capitalization of all other cryptocurrencies is 40.9% or $1.24 trillion, demonstrating the growing diversity of the digital asset sector.

Finally, Ethereum, the second-largest crypto by market cap, is now trading at new highs of $4,734, up 4.60% on the day and up 9.34% in the last week. In contrast, its competitor Solana which climbed to a new all-time high of $258 on November 7, is now trading at $243, down 3% on the day.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.