Crypto Cap Market Reaches IDR 48.9 Thousand Trillion, Bitcoin And Altcoin Rise Sharply

Global crypto market capitalization records new notes. (Photo; Doc. FX Post)

JAKARTA - The crypto market just recorded an extraordinary achievement with a total market capitalization of US$3.65 trillion (around Rp57,670 trillion) on Monday morning, December 2, 2024. This figure exceeds the previous record recorded in 2021 of US$3.1 trillion (around Rp48,980 trillion). This increase reflects a very large flow of funds into the digital asset market, with around US$1.2 trillion (around Rp18,960 trillion) entering into the past month.

This new record shows the growing power of crypto market attraction, even surpassing the world's largest corporate market cap, Apple, which has recently shifted Nvidia again, according to CompaniesMarketCap data. This expansion illustrates the huge potential of the crypto sector in recent years.

According to Hunter Horsley, CEO of Bitwise, the current period is a significant growth phase in the crypto market. "We are entering a period where the crypto market is growing rapidly. Now is the time to change mindset and welcome greater opportunities," he said.

One of the main drivers of the surge in crypto market capitalization is Bitcoin. The largest digital currency saw a 40% increase in November, driven by Donald Trump's victory in the US presidential election. In The Kobeission Letter report, the Bitcoin price spike is touted as an "extraordinary history", with prices soaring 49% in the last four weeks, recording the best performance since August 2021.

The price of Bitcoin so far this year has increased by around 130%, and is predicted to record its third best year in a decade. This increase illustrates the positive sentiment that has developed among crypto investors.

In addition to Bitcoin, altcoins have also experienced a significant spike. Ethereum, for example, reached its highest price in the last six months, which is US$3,750 (around Rp59.25 million), after surging 47% during November. XRP also showed outstanding performance, recording its highest price in the last six years of US$2.48 (approximately Rp39,184), thanks to a 30% spike in the past month. Currently, XRP is the third largest digital asset, beating Solana and Tether.

Simak breaking news dan berita pilihan Anda langsung di ponsel. Pilih saluran andalan akses berita voi.id WhatsApp Channel : https://whatsapp.com/channel/0029VamlU850gcfBaMTjry0w. Pastikan Anda sudah install aplikasi WhatsApp.