Crypto Market Value Surges Past $3.1T as Bitcoin Nears $90K on Trump Rally
The cryptocurrency market has reached a historic milestone, surpassing $3.1 trillion in total market capitalization, putting it on track to overtake France’s GDP and positioning it as the potential eighth-largest economy globally. This remarkable surge comes as Bitcoin continues its unprecedented rally, climbing to $89,500 on November 11, 2024.
The flagship cryptocurrency’s meteoric rise, fueled by Donald Trump’s presidential election victory, has contributed to a 7% increase in total crypto market value over the past 24 hours. Bitcoin alone now commands a market capitalization of $1.77 trillion, exceeding Spain’s GDP according to International Monetary Fund data.
The crypto market’s total value has now surpassed tech giant Microsoft and is approaching the market capitalizations of Nvidia and Apple, the world’s most valuable companies. This milestone marks the first time the crypto market has reached these heights since November 15, 2021, when Bitcoin previously peaked at $69,000.
Analysts attribute the surge to Trump’s pro-cryptocurrency stance and promises of a more supportive regulatory environment. The president-elect’s campaign pledges include establishing a strategic U.S. Bitcoin stockpile and promoting domestic mining operations, marking a significant shift from the previous administration’s regulatory approach.
The rally has lifted the entire cryptocurrency ecosystem, with other major tokens like Ethereum and Solana posting significant gains. The surge has also benefited crypto-related stocks, with Coinbase seeing its shares rise above $300 for the first time since 2021.
As the market continues its upward trajectory, questions remain about the speed of Trump’s policy implementation and the feasibility of his proposed crypto initiatives. However, investors appear focused on the potential opportunities ahead, driving the market to new heights in this latest bull cycle.
