Cryptocurrency Market Cap Paints a New All-Time High Above $3 Trillion
Positive market momentum during Monday morning’s Asian trading session has resulted in a 3.1% gain for the total crypto market capitalization.
According to analytics website CoinGecko, this has pushed it to an all-time high above $3 trillion at the time of writing.
The total market cap has increased by 8.4% over the past seven days and 25.5% over the past 30 days. Since the beginning of 2021, it has surged a whopping 284% from $775 billion on January 1st.
Crypto Market Cap: $3 Trillion
— CoinGecko (@coingecko) November 8, 2021
A Quarter of The Gold Market
Crypto markets are now larger than the world’s largest company by market cap, which is Microsoft with $2.5 trillion, according to Companiesmarketcap. It is about a quarter the size of the gold market cap, however, which stands at $11.5 trillion according to the market cap tracker.
Bitcoin, which has made 6.9% on the day, has a market cap of $1.12 trillion and a market share of 41.3%. It is about the same size as Tesla but slightly smaller than the Silver market cap, which is $1.36 trillion.
Ethereum has a $560 billion capitalization and is now larger than JPMorgan Chase, which has $496 billion. The third-largest crypto asset by market cap is Binance Coin which has $107 billion at the time of writing.
Crypto Movers and Shakers
CoinGecko is reporting a 24-hour volume of $138 billion, which is the same as the total market cap was in March 2019.
Ripple’s XRP is the top ten’s top mover with a 9.8% gain on the day, propelling the token to $1.27. It has been knocked down the charts recently, however, and currently sits below Cardano in seventh.
Avalanche (AVAX) is also making moves at the moment, with 13% added to the top $95 and printing a new all-time high.
OhNoRipple via https://www.ohnocrypto.com/ @Martin Young, @Khareem Sudlow