Synopsis
The global cryptocurrency market crossed the $3 trillion mark. Bitcoin led the surge, reaching a record high. Investor optimism about President-elect Donald Trump’s stance on cryptocurrency and anticipated interest rate cuts by the Federal Reserve fueled the market. Bitcoin reached $93,477, while Ethereum and Dogecoin also saw significant gains. Meme coins Bonk and PEPE surged after being listed on Coinbase.
The global cryptocurrency market has hit a historic milestone, surpassing $3 trillion, buoyed by investor optimism regarding President-elect Donald Trump’s pro-crypto stance and anticipated interest rate cuts by the Federal Reserve.
According to data available on CoinGecko, the market capitalisation surged 2.2% over the past 24 hours, reaching approximately $3.11 trillion as of Thursday.
Bitcoin leads the total market with a capitalisation of $1.775 trillion, followed by Ethereum at $384 billion, Tether at $126 billion, Solana at $102 billion, BNB at $90 billion, and Dogecoin at $57 billion.
Crypto Tracker
TOP COIN SETSCrypto Blue Chip – 516.42% BuyBTC 50 :: ETH 5015.22% BuySmart Contract Tracker14.65% BuyAI Tracker11.25% BuyDeFi Tracker2.20% BuyTOP COINS (₹) Solana18,502 (6.46%)BuyBNB54,626 (6.22%)BuyBitcoin7,677,441 (4.17%)BuyEthereum271,157 (1.45%)BuyTether84 (0.22%)BuyThe $3.11 trillion cryptocurrency market cap now surpasses the GDP of major economies such as Italy ($2.38 trillion), Canada ($2.21 trillion), and Brazil ($2.19 trillion). It is also just $0.06 trillion short of exceeding France’s GDP of $3.17 trillion.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details »On Thursday, Bitcoin hit a fresh record high at $93,477, fueled by data showing U.S. consumer inflation rose to 2.6% in October, up from 2.4% in September, aligning with market expectations and strengthening the case for a potential 25-basis-point rate cut next month, with market odds rising from 59% to 83%.
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Bitcoin was last trading slightly lower at $89,634 at 12:58 pm IST but has surged nearly 32% since the November 5 election.
The recent rally also bolstered by MicroStrategy Inc.’s acquisition of 27,200 Bitcoin for $2.03 billion, its largest purchase since the company began its Bitcoin strategy over four years ago. The software firm, known for its significant Bitcoin investments, acquired these tokens between October 31 and November 10.
Ethereum also witnessed a similar upward trajectory, gaining over 35% since Election Day, while Dogecoin soared by approximately 170%, boosted by endorsements from billionaire and Trump ally Elon Musk.
It was a strong day for meme coins. Following their listings on Coinbase, both Bonk and PEPE saw substantial demand, with their prices rising by 30-70%.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
