As a seasoned researcher with over two decades of experience in the financial industry, I must admit that the recent surge in the crypto market has been nothing short of astonishing. Having closely followed the evolution of digital assets since their inception, it is truly remarkable to see the total market capitalization reach new heights, surpassing even the peaks of 2021.
On Tuesday, November 12th, during morning trading in Asia, the total value of all cryptocurrencies reached a record high of $3.12 trillion. This surpasses the previous market cap peak of $3.08 trillion, which was set in November 2021 – nearly three years ago to the day.
Binance noted that the cryptocurrency market has reached a value of $3 trillion, which is similar to where it was back in November 2021.
This year, digital asset markets have experienced a growth of approximately 80%, increasing from a value of around $1.72 trillion on January 1st to more than $3 trillion as of today.
total crypto market cap reached a new all time high today, surpassing nov 2021
— Mike Dudas (@mdudas) November 12, 2024
Still Early Days
In simpler terms, the combined value of all cryptocurrencies exceeds the market values of tech giants like Microsoft, Google, and Amazon. Yet, it’s important to note that these are separate companies, and the crypto market is not as large as that of Apple or Nvidia. This suggests that we’re still in the early stages of the crypto world.
Over 60% of the total crypto market is controlled by Bitcoin, as reported by TradingView, highlighting its significant influence in this sector.
At present, the total value of all Bitcoins in circulation is approximately $1.75 trillion, surpassing the value of silver ($1.73 trillion). It also outweighs the market caps of companies like Meta (Facebook’s parent company) and Tesla. Despite this, Bitcoin represents only about 10% of the total market cap of gold, which stands at a staggering $17.6 trillion, as per CompaniesMarketCap.
According to the Kobeissi Letter, it’s astonishing how much larger gold remains compared to Bitcoin, with gold being approximately 10 times bigger in value.
“Not only does this show how big gold is, but it also shows how big Bitcoin can be.”
EXCITING NEWS: The total value of all existing Bitcoins has surpassed the worth of silver in the market, currently standing at an impressive $1.736 trillion.
Bitcoin is now the 8th largest asset in the world.
— The Kobeissi Letter (@KobeissiLetter) November 11, 2024
According to a recent research report from Standard Chartered, the newly established administration is recommended to enact favorable policies that may cause the overall value of the cryptocurrency market to reach an astounding $10 trillion by the year 2026’s end.
BTC Closes on $90K
Right now, I’m experiencing a surge in momentum with Bitcoin leading the way. Just yesterday, during the Asian trading hours on November 12th, the undisputed ruler of cryptocurrencies reached another record high of $89,560, as per CoinGecko’s latest data.
Bitcoin has experienced an impressive jump of approximately 30% compared to its price a week ago, which was on U.S. Election Day. In just seven days, the value of each Bitcoin has risen by over $20,000.
This week, international investment company Bernstein advised investors, “You’re entering the era of the cryptocurrency boom. Acquire as much as possible. Don’t resist it – swiftly incorporate crypto investments into your portfolio.
Bernstein ($800 billion AUM) just put out their Monday morning note to clients:
Greetings! We’re experiencing a surge in the cryptocurrency market, often referred to as a ‘bull market.’ Now could be an excellent time to invest if you haven’t already. Rather than resisting this trend, consider incorporating some crypto assets into your portfolio without delay.
Stage 3 really is upon us.
— Yano (@JasonYanowitz) November 11, 2024
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2024-11-12 09:33