Global Crypto Cap Market Reaches 3.12 Trillion US Dollars, Bull Run Starts!

The market capitalization of crypto assets increased dramatically after the US presidential election. (Photo; Doc. CryptoVerse)

JAKARTA - The crypto market set a new record with an increase in market capitalization or market cap reaching 3.12 trillion US dollars (around Rp48,360 trillion) on November 11, 2024. This achievement is close to the economic value of major countries in the world such as France.

The number one crypto asset, Bitcoin (BTC), leads this increase by reaching its new all-time high price (ATH) at the level of 89,500 US dollars (around Rp1.39 billion). The skyrocketing price of BTC also boosted its market cap to exceed 1.77 trillion US dollars (around Rp27.43 trillion), a figure that exceeds Spain's Gross Domestic Product (GDP), according to IMF data.

The soaring price of Bitcoin, which hit 11% in the last 24 hours, marks a new momentum since the previous high price in November 2021, when the price of BTC hit $69,000. Based on CoinGecko data, crypto market capitalization is currently approaching the valuation of tech giants such as Nvidia and Apple.

The 10x Research founder, Markus Thielen, estimates that Bitcoin's dominance will remain strong. Thielen predicts the price of BTC could break a new record of US$100,000 (around Rp1.55 billion) per coin by the end of 2024. If Bitcoin reaches that level, then BTC's market cap could potentially approach US$2 trillion (around Rp31 trillion).

Meanwhile, Lucas of BTC Markets stated that Bitcoin's market cap movement towards a $4 trillion cap (around Rp. 62,000 trillion) is likely to be triggered by a spike in altcoin prices, which could reduce Bitcoin's dominance in recent times.

It does not stop there, Standard Chartered Bank also predicts the value of the crypto market to reach 10 trillion US dollars (around Rp. 155,000 trillion) by the end of 2026. Standard Chartered Bank revealed that the reason for the increase in the crypto-cap market was driven by more friendly regulations towards digital assets in the US, especially after Donald Trump's election in the 2024 presidential election.

As reported by Blockonomy, Standard Chartered Bank even targets the price of Bitcoin to reach a level of 200,000 US dollars (around Rp3.1 billion) and Ethereum to reach 10,000 US dollars (around Rp155 million) by 2025.