Altcoins Drive Crypto Market Cap to All-Time High Above $3.6 Trillion

Total crypto market capitalization hit an all-time high of $3.65 trillion during early trading in Asia on Monday, Dec. 2. It is almost $600 billion higher than the previous peak of just under $3.1 trillion during the 2021 bull market three years ago.

Moreover, a large portion of those gains have come over the past month, with $1.2 trillion being funneled into digital assets in November. To put this in perspective, crypto markets have gained more than their entire 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’re entering the period of a growing pie, a rising tide. Now, it’s time to shift the mindset,” commented Bitwise CEO Hunter Horsley.

 

It’s time for the abundance mindset in crypto.

Bear markets breed zero sum thinking: amidst a shrinking pie, one gains by taking share from others.

As of this November, crypto has now crossed over it’s prior high of $3 trillion total market cap in Nov 2021.

We’re 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, primarily driven by Donald Trump’s presidential election victory. The Kobeissi Letter described Bitcoin’s rally as “truly historic,” noting that prices have soared 49% over the last four weeks, marking the best such performance since August 2021.

“Bitcoin prices have risen ~130% year-to-date and are on track for their 3rd best year over the last decade,” it added.

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

The recent run has even surpassed February’s gains after Bitcoin ETFs were launched in January.

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

— The Kobeissi Letter (@KobeissiLetter) December 1, 2024

However, it is the altcoins that have been driving gains over the weekend. Ethereum appears to be turning resistance into support, tapping a six-month high of $3,750 on Dec. 2, following a surge of 47% over the past month.

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

XRP is also surging as the Ripple cross-border token hit a six-year high of $2.48 on Dec. 2, following a 30% pump. This has enabled the asset to flip Solana and Tether’s market caps to become the third-largest digital asset with a market cap of $138 billion.

Other Big Movers

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

Avalanche (AVAX) topped $48 following a 10% daily gain, taking it back to April price levels. Stellar Lumens (XLM) also had a solid weekend, with prices surging to $0.574, their highest levels since May 2021, primarily due to XRP’s big moves.

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

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