Altcoins push crypto market cap to peak above $3.6 trillion

Total crypto market capitalization reached an all-time high of $3.65 trillion during early trading in Asia on Monday, December 2. That’s nearly $600 billion more than the previous high of just under $3.1 trillion during the 2021 bull market three years ago.

What’s more, a large portion of these gains have occurred over the past month, with $1.2 trillion going into digital assets in November. To put that into perspective, crypto markets have gained more than their entire market 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, according to CompaniesMarketCap.

“We are entering the period of a growing pie, of a rising tide. Now, it’s time to change the mindset,” commented Bitwise CEO Hunter Horsley.

It’s time for the abundance mentality in crypto.

Bear markets breed zero-sum thinking: in the midst of a shrinking pie, one wins by taking a piece from the others.

As of this November, the cryptocurrency has surpassed its previous high of $3 trillion in total market capitalization by November 2021.

We are entering… pic.twitter.com/M4E92YrXR3

— Hunter Horsley (@HHorsley) December 1, 2024

Bitcoin’s Big November, Altcoins on Fire

Bitcoin has had a monumental month, gaining 40% in November, driven mainly by Donald Trump’s victory in the presidential election. Kobeissi Letter described Bitcoin’s rally as “truly historic”, noting that prices have soared 49% over the past four weeks, marking the best such performance since August 2021.

“Bitcoin prices are up 130% year-to-date and on track for the third best year of the last decade,” he added.

Bitcoin’s rally has been truly historic:#Bitcoin prices have soared 49% over the past 4 weeks, marking the best 4-week performance since August 2021.

The recent run has even surpassed February’s gains following the launch of Bitcoin ETFs in January.

As a result, Bitcoin prices… pic.twitter.com/SdsKNtEwJ9

— Kobeissi Letter (@KobeissiLetter) December 1, 2024

However, it’s the altcoins that have driven gains over the weekend. Ethereum appears to be turning resistance into support, hitting a six-month high of $3,750 on December 2, after a 47% rise over the past month.

It is poised to break out of a wedge chart structure that has held since March, analyst ‘Rekt Capital’ observed at X on Monday.

XRP is also rising as cross-border token Ripple hit a six-year high of $2.48 on December 2, following a 30% bomb. This has allowed the asset to overturn the market caps of Solana and Tether to become the third largest digital asset with a market capitalization of $138 billion.

Other big moves

Cardano’s market capitalization topped $40 billion as ADA rose more than 9% on the day to $1.18 during Monday morning trading in Asia. It is the highest price for the asset since March 2022.

Avalanche (AVAX) topped $48 after a 10% daily gain, returning to April price levels. Stellar Lumens (XLM) also had a solid weekend, with prices rising to $0.574, their highest levels since May 2021, mainly due to big moves in XRP.

Hedera (HBAR) took off, adding 44% on the day to $0.248 on December 2, while Litecoin (LTC) rose 20% to surpass $125 for the first time since March 2022.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

LIMITED OFFER for CryptoPotato readers on Bybit – Use this link to register and open a FREE $500 position with any currency!