According to CoinGecko, the market capitalization of cryptocurrencies reached a record high of $3.83 trillion, following a 2.7% increase on the day.
The momentum in the digital asset market has been primarily driven by Donald Trump's presidential election victory and the prospect of increased crypto regulation in the United States.
Since Election Day on November 5th, approximately $1.5 trillion has entered the crypto market, and the total cap has soared 63% in just one month.
Bitcoin cap reaches $2 trillion
Cryptocurrency market capitalization is currently up 24% compared to the 2021 bull market peak of $3.08 trillion. This is 270% higher than the 2017 market cap peak of $830 billion, so a similar rally this cycle could push the market cap to around $11 trillion in 2025.
Currently, the market only accounts for 21% of the total gold market capitalization ($17.9 trillion), so crypto assets have a long way to go. Today's record was driven by Bitcoin, which soared to an all-time high of just under $104,000 in early trading in Asia on Thursday.
As a result, Bitcoin's dominance has recovered to 57% after a significant drop due to altcoin momentum over the past few weeks.
Bitcoin's market capitalization also exceeded $2 trillion for the first time in history, making it the seventh largest asset in the world, behind Google's parent company Alphabet's market cap of $2.1 trillion.
MicroStrategy founder Michael Saylor predicted that Bitcoin's market capitalization would reach a whopping $280 trillion by 2045, which equates to $13 million per coin.
“Bitcoin will reverse the market cap of gold in 2037. That’s my guess,” said trader Bob Lucas. It currently accounts for only 11% of gold's market capitalization.
ATH altcoin market capitalization
Ethereum still hasn’t been able to regain the psychological barrier of $4,000, but it’s not far off. ETH's market cap soared to $3,900 on Thursday morning, pushing it above $460 billion.
Aside from stablecoins, the next largest digital asset by market capitalization is XRP, with $130 billion in assets, recently topping Solana's $110 billion.
According to CoinGecko, the market capitalization of altcoins has also reached a new peak of $1.85 trillion, surpassing the peak in November 2021. Remarkably, Ethereum and stablecoins alone account for 35% of this total.
Special Offer (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Receive an exclusive welcome offer of $600 on Binance when you register a new account using this link (more details).
Exclusive offer for Bybit's CryptoPotato readers: Use this link to register and open a $500 free position on any coin!
