Drive Crypto

Trillion

Total crypto market capitalization hit an all-time high of $3.65 trillion during early trading in Asia on Monday, Dec. 2.&nbsp;It is almost $600 billion higher than the previous peak of just under $3.1 trillion during the 2021 bull market three years ago. 
Moreover, a large portion of those gains have come over the past month, with $1.2 trillion being funneled into digital assets in November.&nbsp;To put this in perspective, crypto markets have gained more than their entire capitalization in October 2023 in just one month. 
The crypto market is now larger than the market cap of the world’s largest company, Apple, which recently surpassed Nvidia again, <a href="https://companiesmarketcap.com/" target="_blank" rel="noopener" data-wpel-link="external">according</a> to CompaniesMarketCap. 
<blockquote>
 “We’re entering the period of a growing pie, a rising tide. Now, it’s time to shift the mindset,” commented Bitwise CEO Hunter Horsley. 
 &nbsp; 
 <blockquote class="twitter-tweet"> 
 It’s time for the abundance mindset in crypto. 
 Bear markets breed zero sum thinking: amidst a shrinking pie, one gains by taking share from others. 
 As of this November, crypto has now crossed over it’s prior high of $3 trillion total market cap in Nov 2021. 
 We’re entering… <a href="https://t.co/M4E92YrXR3" data-wpel-link="external" target="_blank">pic.twitter.com/M4E92YrXR3</a> 
 — Hunter Horsley (@HHorsley) <a href="https://twitter.com/HHorsley/status/1863363083328213491?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank">December 1, 2024</a>
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</blockquote> 
<h2 id="bitcoin-s-big-november-altcoins-on-fire">Bitcoin’s Big November, Altcoins on Fire</h2> 
Bitcoin has had a monumental month, gaining 40% in November, primarily driven by Donald Trump’s presidential election victory. The Kobeissi Letter described Bitcoin’s rally as “truly historic,” noting that prices have soared 49% over the last four weeks, marking the best such performance since August 2021. 
“Bitcoin prices have risen ~130% year-to-date and are on track for their 3rd best year over the last decade,” it added. 
<blockquote class="twitter-tweet"> 
 Bitcoin’s rally has truly been historic:<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank">#Bitcoin</a> prices have soared 49% over the last 4 weeks, marking the best 4-week performance since August 2021. 
 The recent run has even surpassed February’s gains after Bitcoin ETFs were launched in January. 
 As a result, Bitcoin prices… <a href="https://t.co/SdsKNtEwJ9" data-wpel-link="external" target="_blank">pic.twitter.com/SdsKNtEwJ9</a> 
 — The Kobeissi Letter (@KobeissiLetter) <a href="https://twitter.com/KobeissiLetter/status/1863331186392932773?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank">December 1, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
However, it is the <a href="https://cryptopotato.com/altcoins-heat-up-as-bitcoin-cools-is-altseason-around-the-corner/" data-wpel-link="internal">altcoins</a> that have been driving gains over the weekend.&nbsp;Ethereum appears to be turning resistance into support, tapping a six-month high of $3,750 on Dec. 2, following a surge of 47% over the past month. 
It is poised to breakout from a wedge chart structure that has held since March, <a href="https://x.com/rektcapital/status/1863360283923664904" data-wpel-link="external" target="_blank">observed</a> analyst ‘Rekt Capital’ on X on Monday. 
XRP is also <a href="https://cryptopotato.com/ripple-surpasses-solana-as-xrp-price-hits-6-year-high-above-2/" data-wpel-link="internal">surging</a> as the Ripple cross-border token hit a six-year high of $2.48 on Dec. 2, following a 30% pump.&nbsp;This has enabled the asset to flip Solana and Tether’s market caps to become the third-largest digital asset with a market cap of $138 billion. 
<h2 id="other-big-movers">Other Big Movers</h2> 
The <a href="https://cryptopotato.com/cardanos-ada-bullish-revival-network-activity-hits-840k-transactions/" data-wpel-link="internal">Cardano</a> market cap topped 40 billion as ADA surged more than 9% on the day to reach $1.18 during Monday morning trading in Asia. It is the asset’s highest price since March 2022. 
Avalanche (AVAX) topped $48 following a 10% daily gain, taking it back to April price levels. Stellar Lumens (XLM) also had a solid weekend, with prices surging to $0.574, their highest levels since May 2021, primarily due to XRP’s big moves. 
Hedera (HBAR) took off, adding 44% on the day to reach $0.248 on Dec. 2, while Litecoin (LTC) jumped 20% to top $125 for the first time since March 2022. 
The post <a href="https://cryptopotato.com/altcoins-drive-crypto-market-cap-to-all-time-high-above-3-6-trillion/" rel="nofollow">Altcoins Drive Crypto Market Cap to All-Time High Above $3.6 Trillion</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

Altcoins Drive Crypto Market Cap to All-Time High Above $3.6 Trillion

Table of Contents

CryptoPotato_News

Other articles published on Dec 2, 2024

Saylor pitches Bitcoin to Microsoft, Asks to Invest $100B

5 Revolutionary Ton Ecosystem Wallets Transforming Cryptocurrency Management

Tom Lee Highlights Ethereum and Solana as Promising Alternatives to Bitcoin

Microsoft Could Add $4.9T by 2034 with Bitcoin, Claims Michael Saylor

From Cents to Millions How This Token Could Lead to Your Next Big Win This December

Shiba Inu Surges to Eight-Month High Amidst Meme Coin Rally

Join our free newsletter for daily crypto updates!