Crypto market cap hits $3 trillion as BTC smashes past $85k

The global crypto market capitalization has reached the $3 trillion mark after several cryptocurrencies rose in the wake of Bitcoin’s surge amid price discovery.

Bitcoin (BTC) smashing past the $85,000 mark set the total crypto market cap on its way to above $3 trillion on Nov. 11.

The flagship cryptocurrency has jumped 6% in the past 24 hours and reached highs of $85k for the first time ever. BTC price is up 38% in 30 days and over the past year, bulls have seen gains of more than 130%.

According to market data tracked by crypto.news, the overall market cap for all cryptocurrencies stood at just over 3.01 trillion at 12:20 ET on November 11, 2024.

The market cap at the time of writing represented a 3.3% increase in the past 24 hours and more than 5% increase from a year ago. Notably, Bitcoin led all the coins to hit the milestone during the last bull market in 2021.

As of writing, Bitcoin’s market cap stood at over $1.67 trillion, signifying overall dominance of 55.7%. The BTC market cap surpassed that of Meta Platforms last week and is currently just a whisker away from flipping Silver; Per the ranking of global assets on CompaniesMarketCap, Silver is the eighth-largest with a market cap of $1.72 trillion.

Meanwhile, Ethereum (ETH) has a market cap of $397 billion, reflecting a dominance of 13.2% and stablecoins are at $182 billion, accounting for 6% of the total market cap.

With Donald Trump’s win in the U.S. election of 2024 setting for potentially a crypto-friendly White House, investors are bullish on BTC and the rest of the space. This includes the altcoin market where assets such as Solana (SOL) and BNB (BNB) could be primed for an explosive rally.

Also seeing notable gains and poised are meme coins. Dogecoin, dogwifhat and Floki have recorded substantial upside movement in the past week as the meme narrative picks fresh momentum.