On November 11, the total cryptocurrency market cap surged by 7% within 24 hours, driven by a sharp rally in Bitcoin, which peaked at $89,500. This surge positions the crypto market as the world’s eighth-largest economy, just behind major global powers like the United States and China. Bitcoin’s individual market cap has now surpassed $1.77 trillion, edging out Spain’s GDP, according to the latest IMF data.
Comparatively, the last time the crypto market cap reached $3 trillion was in November 2021, when Bitcoin hit its previous all-time high of $69,000 during the 2020-2021 bull cycle, as tracked by CoinGecko, covering over 15,000 cryptocurrencies. With Bitcoin’s recent rally, its market cap has once again outperformed silver and is closing in on tech giants like Microsoft, Nvidia, and Apple, according to Google Finance data.
Market experts, including Markus Thielen from 10x Research, anticipate Bitcoin’s dominance to remain robust as the total crypto market cap inches toward $4 trillion. Thielen notes that the current rally is heavily concentrated around Bitcoin, with spillovers expected in Ethereum and Solana. Should Bitcoin break the $100,000 threshold, its market ca
Upcoming Crypto Market Catalysts
The crypto market is also anticipating key economic data releases this week, including the U.S. CPI and PPI reports, which could further influence investor sentiment. The Federal Reserve’s latest policy moves, combined with macroeconomic indicators like jobless claims and retail sales, are expected to shape the market’s trajectory.
As institutional adoption grows, the Fear and Greed Index shows “Extreme Greed” at 76, reflecting heightened market optimism. Open interest for Bitcoin futures on platforms like Deribit has soared past $90,000, with a total value exceeding $2.8 billion, signaling strong bullish sentiment.
Le Shi, CEO of Auros (Hong Kong), commented that the euphoria from Trump’s victory hasn’t subsided yet. “The explosion in the cryptocurrency market is only a matter of time as everyone believes that the U.S. President supports this digital asset.”
Additionally, the Fed’s interest rate cuts have further reinforced the trend of monetary easing in major economies. The Bank of England recently lowered its rates by 25 basis points, while Sweden eased its base rate by half a percentage point.
Related news: Bitwise Executive Predicts Bitcoin Could Reach $92K with Trump Election Victory
