As a seasoned researcher who has witnessed the crypto market’s rollercoaster ride over the past decade, I must say that the recent surge we’ve seen is nothing short of astounding. The $3.65 trillion total market capitalization is a testament to the growing maturity and acceptance of digital assets, and it’s fascinating to see crypto markets surpass even the world’s largest company, Apple.
On December 2nd, during early Asian trading, the total value of all cryptocurrencies reached an unprecedented level of $3.65 trillion – a figure that is approximately $600 billion greater than its previous peak of around $3.1 trillion, which was achieved during the 2021 bull market nearly three years ago.
Furthermore, it’s worth noting that a significant chunk of these profits has been accumulated within the last month, with approximately $1.2 trillion being invested in digital assets during November. This is quite remarkable when you consider that the total value of the crypto markets as of October 2023 exceeded their entire capitalization for the whole year – and this feat was achieved in a single month.
Currently, the total value of all cryptocurrencies exceeds the market capitalization of the world’s leading corporation, Apple, as reported by CompaniesMarketCap, a platform that provides such data. In simpler terms, the combined worth of all cryptocurrencies is greater than the worth of Apple Inc., a company that has reclaimed its position as the largest in the market after overtaking Nvidia again.
According to Bitwise CEO Hunter Horsley, we’re moving into an expanding phase, similar to a rising tide. He suggests that now is the moment to change our perspectives.
It’s time for the abundance mindset in crypto.
In a bear market, it becomes every investor for themselves as the overall wealth decreases; one person’s gain is typically another’s loss since profits are often made at the expense of others.
Currently, as we approach November, the total market capitalization of cryptocurrencies has surpassed its previous peak of $3 trillion, which was reached in November 2021.
We’re entering…
— Hunter Horsley (@HHorsley) December 1, 2024
Bitcoin’s Big November, Altcoins on Fire
In November alone, Bitcoin experienced a remarkable surge, increasing by approximately 40%. This significant growth can largely be attributed to Donald Trump’s presidential election win. The Kobeissi Letter deemed this rise as “truly historic,” pointing out that prices have climbed an impressive 49% over the past four weeks, which represents the strongest such performance since August 2021.
This year, Bitcoin’s price has increased by approximately 130%, placing it on course for one of its top three strongest years in the past ten years.
#Bitcoin’s recent surge is nothing short of remarkable: Prices have skyrocketed by approximately 49% in just the past four weeks, which represents the strongest 4-week growth seen since August of last year.
The recent run has even surpassed February’s gains after Bitcoin ETFs were launched in January.
As a result, Bitcoin prices…
— The Kobeissi Letter (@KobeissiLetter) December 1, 2024
On the other hand, it’s the altcoins that have been fueling the gains during the weekend. For instance, Ethereum seems to be converting its resistance into support and reached a six-month peak of $3,750 on Dec 2, after a 47% growth over the past month.
On Monday, analyst ‘Rekt Capital’ noted that X could potentially burst out from a chart pattern known as a wedge formation which it has been following since March.
On December 2nd, XRP experienced a significant rise, reaching a six-year peak of $2.48. This surge resulted in a 30% increase in value. As a result, XRP managed to surpass Solana and Tether’s market caps, positioning itself as the third-largest digital asset, boasting a market cap of approximately $138 billion.
Other Big Movers
As an analyst, I’m sharing an update on the dynamic movement of Cardano (ADA) today. During the Asian trading session this morning, ADA experienced a significant surge, soaring over 9%. This remarkable rise propelled the digital asset’s market capitalization beyond the 40 billion dollar mark. Notably, this is the highest price point for ADA since March 2022.
After a 10% increase, Avalanche (AVAX) reached a high of $48, returning it to price points last seen in April. Similarly, Stellar Lumens (XLM) experienced growth over the weekend, with prices peaking at $0.574 – a level not seen since May 2021, largely influenced by significant movements in XRP.
On December 2, Hedera (HBAR) experienced a significant surge, increasing by 44% and hitting a value of $0.248. Meanwhile, Litecoin (LTC) also saw an uptick, rising by 20%, marking the first time since March 2022 that its price exceeded $125.
Read More
- SUI PREDICTION. SUI cryptocurrency
- COW PREDICTION. COW cryptocurrency
- Exploring the Humor and Community Spirit in Deep Rock Galactic: A Reddit Analysis
- W PREDICTION. W cryptocurrency
- WLD PREDICTION. WLD cryptocurrency
- KSM PREDICTION. KSM cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- PENDLE PREDICTION. PENDLE cryptocurrency
- David Attenborough Reacts to AI Replica of His Voice: ‘I Am Profoundly Disturbed’ and ‘Greatly Object’ to It
- OKB PREDICTION. OKB cryptocurrency
2024-12-02 10:41