Crypto market approaches $3 trillion for the first time as Bitcoin surpasses $66k
The total market cap of the cryptocurrency industry is inching closer to a new all-time high of $3 trillion as Bitcoin and several altcoins record massive gains.
As of press time, the value of the entire crypto market was at $2.88 trillion, an increase of 4.49% from the previous day. The 24-hour volume of the crypto market also saw a 14.73% increase to $107.77 billion.
Meanwhile, the entire volume of the DeFi market is currently $15.30 billion, which represents 14.2% of the total 24-hour volume, while stable currencies account for 75.67% with a total of $81.55 billion.
BTC is currently trading at around $65,900, up 6.50% in the last 24 hours and 6.11% over the past week, with a total market cap of $1.2 trillion. Bitcoin climbed from $61,710 to $66,094 within 24hrs after seeing inflows of about $70 billion.
However, despite Bitcoin’s bullish run in the past two years, its dominance has declined to 43.2% after reaching a peak of 70.8% on September 6, 2019.
Several crypto experts have weighed in on the latest market rally. Certified technical analyst Crypto Birb claimed that Bitcoin is already gearing up to surpass the $80,000 mark.
$BTC breakout https://t.co/cZcCOMqXlQ pic.twitter.com/3ifmFBk373
— CRYPTO₿IRB (@crypto_birb) November 8, 2021
Total market capitalization hitting $3 trillion for #Crypto.
— Michaël van de Poppe (@CryptoMichNL) November 8, 2021
As a comparison, the https://t.co/GoodB34BOa bubble was $10-12 trillion in 2000.
According to research, Bitcoin is currently topping the list of investments that generate a high return on investment (ROI). Bitcoin was officially crowned the best-performing asset of 2021 after rising by almost 50% this year, as reported by BTC PEERS. Several other crypto analysts have also predicted that Bitcoin will reach new milestones before the year runs out.
In terms of market share, Bitcoin continues to outclass its closest competitor by more than double with 40.5% or $1.22 trillion, in comparison to Ethereum’s 18.6% or $560 billion. Interestingly, the combined capitalization of all other digital currencies is 40.9% or $1.24 trillion, highlighting the growing diversity within the digital asset sector.
Moving onto Ethereum, the second-largest crypto by market cap currently trades at a new ATH of $4,734, up 4.60% from yesterday and 9.34% from last week. In contrast, its rival Solana which climbed to a new all-time high of $258 on November 7, now trades at $243, down 3% on a 24-hour basis.
