Crypto market capitalisation hits record $3.2 trillion

The global cryptocurrency market has surged past $3 trillion, fueled by optimism following Donald Trump’s election as U.S. president, with expectations of friendlier U.S. regulations potentially sparking a new crypto boom.

Data from CoinGecko shows the total market value for cryptocurrencies hitting nearly $3.2 trillion in Asia on Nov. 14, surpassing the highs of 2021 when pandemic-era stimulus boosted speculative investments.

Bitcoin, which dominates the market, reached a record $93,480, marking a remarkable comeback after the market had stagnated. Since the Nov. 5 election, Bitcoin has climbed 30% to $90,000, while ether is up 33% to $3,220. Dogecoin, heavily promoted by Trump ally Elon Musk, surged by 140%.

The rally has also led to heavy buying of cryptocurrency exchange-traded funds, potentially indicating institutional interest. However, while enthusiasm has returned, parts of the crypto ecosystem remain cautious. For instance, average non-fungible token (NFT) prices have risen only modestly, from around $2,000 to about $2,700.

Despite the crypto market’s growth, its value is still dwarfed by traditional assets; for example, the S&P 500’s market cap is over $50 trillion, and global gold reserves are valued at nearly $19 trillion. Still, industry insiders believe the renewed attention could drive further momentum.