Crypto market capitalisation hits record $3.2 trillion

Traditional assets still dwarf crypto, with the S&P at $50 trillion and gold at $19 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.

Monitoring Desk
Monitoring Desk
Our monitoring team diligently searches the vast expanse of the web to carefully handpick and distill top-tier business and economic news stories and articles, presenting them to you in a concise and informative manner.

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