The global crypto market cap has risen above the $3.58 trillion mark, according to Coingecko which tracks 15,681 cryptocurrencies across 1,178 exchanges at the time of writing. The current crypto market valuation represents a 1.2% increase in the last 24 hours and over 140% gain since November 2023.
Of the $3.58 trillion valuation, the market cap of bitcoin (BTC) is at approximately $1.92 trillion at the time of writing, representing a Bitcoin dominance of 53.5%. Accordingly, altcoins boast a total market valuation of $1.66 trillion with stablecoins’ market cap at roughly $200 billion and DeFi coins cumulative valuation at approximately $99 billion at the time of writing.
Crypto market cap adds a whopping $1 trillion in November
The crypto market has witnessed an unprecedented surge since the 2024 United States presidential elections where Donald Trump emerged as the winner. Particularly, data shows that an estimated $1.2 trillion has been added to the global crypto market capital since 5 November 2024. This growth indicates renewed investor confidence under the incoming Trump administration, which has pledged to create a more crypto-friendly regulatory framework.
As of 5 November 2024 when the election was held, the global crypto market cap stood at approximately $2.36 trillion per Coingecko data. Post-election, it rose to a record high of $3.58 trillion on 30 November 2024 before consolidating at $3.5 trillion at the time of writing.
With this valuation, the crypto market ranks as the world’s eighth-largest “economy” in terms of Gross Domestic Product (GDP) and is now more valuable than Microsoft as earlier reported. Notably, the stunning growth has been fueled by optimism about a more favourable regulatory environment and significant price gains among several crypto assets, especially the top 10 by market cap.
Read also: Predictions and Analyses: Bitcoin Price before and after the US Elections
Performance review of the top cryptoassets since the U.S. elections
Bitcoin leads to race
Bitcoin, the world’s largest cryptocurrency, has been the primary driver of the crypto market rally post the election. Before the elections, BTC was trading at an estimated $68,000 per coin. Interestingly, its price surged to an all-time high above $99,600 on 22 November 2024.
Consolidating at $98,000 at the time of writing, the price growth has pushed BTC market cap to over $1.92 trillion at press time. Accordingly, BTC alone accounted for over half of the $1 trillion global crypto market cap surge, underscoring its high dominance in the market.
Analysts attribute BTC’s stunning performance to factors such as the growing interest in Bitcoin exchange-traded funds (ETFs). Notably, U.S. spot BTC ETFs market achieved a major milestone around mid-November, surpassing $5 billion in cumulative trading volume within their first year of launch.
Trump’s pro-crypto stance, including a proposal to use BTC to reduce national debt, setup national bitcoin reserve as well as make the U.S the crypto planet of the century.
Read also: U.S. spot bitcoin ETFs hit record high in trading volume as BTC eyes $100,000 price mark
Altcoins follow slowly
Ether (ETH) followed closely, with its market cap climbing above $447 billion on Saturday. As the backbone of decentralized finance (DeFi) and a key player in Web3 economy, the Ethereum native token benefited from increased trading activity, renewed investor confidence and heavy spot ETH ETF inflows.
Daily transaction volumes on the network have grown steadily, reflecting heightened demand for Ethereum-based DeFi applications. ETH whales, or large holders, continue accumulating ETH, signaling long-term confidence in the crypto. Up over 10% in the past 24 hours, ETH is trading at $3,710 at the time of writing, reflecting a gain of over 40% since the election.
Read also: 5 indicators to watch for Ether’s next move
Several other cryptoassets also made significant contributions to the global crypto market cap increase, including XRP (XRP), Binance Coin (BNB), Solana (SOL) and Cardano (ADA).
After years of regulatory struggles with the U.S. SEC, XRP surpassed the $1.93 price mark on Saturday before consolidating at $1.9 at the time of writing. Reclaiming investor confidence, the XRP Ledger (XRPL) native token now boasts a market cap of over $108 billion as of 30 November 2024 having gained over 263% in the last 30 days.
Read also: What is fueling XRP’s 100% price increase in the past 14 days?
Likewise, SOL’s market cap has soared massively due to the renewed interest in the Solana blockchain and frenzy in memecoin trading, which has driven record trading volumes on its decentralized exchanges (DEXs). Notably, SOL rose to an all-time high of $264 last week, marking an increase of over 40% in the past 30 days. However, the cryptoasset is changing hands at $244.5 per coin with a market cap of about $116 billion at press time.
Read also: Solana (SOL) reaches a new all-time: Where is the next stop?
Binance Coin (BNB) is also among the cryptoassets to record substantial gains following the U.S. presidential election. Trading at $672, BNB is up over 14% in the past 30 days and has a market cap of approximately $98 billion.
Read also: BNB breaks $600 ahead of Binance founder’s release.
Moreover, Cardano (ADA) has jumped over 216% in November 2024 alone, surpassing the $1 mark last week for the first time since April 2022. ADA is trading at $1.12 and boasts a market cap of over $40 billion at the time of writing.
Read also: ADA price jumps over 200% in November: Driving factors, predictions and analysis
Ndianabasi Tom A Petroleum Engineering degree holder, Ndianabasi’s interest since 2018 has been studying the ever-growing field of blockchain and cryptocurrency, keenly evaluating the innovation, exploration, and expansion of this field locally and globally. The founder of Nitadel a media platform, Ndianabasi has been a Writer at Crypto Asset Buyer (CAB) since 2021. When he is not drilling resources in the blockchain and cryptocurrency field, Ndianabasi is singing, reading, watching crime movies, or playing football.
