Total Market Cap Paints New High Above $3 Trillion: Analysis

The total market cap paints a new high above $3 trillion according to the data that we have today in our Altcoin news.

The positive market momentum during Monday morning’s Asian Trading sessions resulted in a gain of 3.1% for the total market cap. According to analytics website CoinGecko, it pushed it to a new all-time high above $3 trillion at the time of writing. The total market cap paints a new high above $3 trillion as it increased 8.4% over the past seven days and 25.5% over the past 30 days which means that since the start of 2021, it surged to a stunning 284% from $775 billion at the beginning of the year.

Crypto Market Cap: $3 Trillion

— CoinGecko (@coingecko) November 8, 2021

Crypto markets are bigger than the world’s biggest company by a market cap like Microsoft that has a $2.5 trillion market cap. It is all about a quarter of the size of the gold market that stands at $11.5 trillion as per the market cap tracker CompaniesMarketcap. Bitcoin made 6.9% on the day with a market cap worth $1.12 trillion and a market share of 41.3% which is the same size as Tesla but smaller than Silver’s market cap that is set at $1.36 trillion. ETH has a $560 billion capitalization and it is now bigger than JPMorgan Chase that has $496 billion while Binance Coin is the third biggest crypto asset by market cap with $107 billion under its belt.

CoinGecko is reporting a 24-hour volume of $138 billion which is the same as the total market cap back in 2019. Ripple’s XRP is among the top ten today with a 9.8% gain and propelled the token to $1.27 which has been knocked down recently but did manage to sit below Cardano’s seventh position. Avalanche is making some strong moves as well with 13% added to the top $95 and hit a new all-time high again.

Recently we saw that the crypto market cap broke the previous high. DOGe, Terra, and Ripple are also in the green while Avalanche was the biggest gainer from yesterday, also setting a new record above $85. Binance coin performed well in the past few days and marked another 8% increase later on which gave a boost to the coin to $670 which is the highest price level since mid-May. The asset is a few inches away from marking a new ATH of its own while the market cap is rising well above $100 billion.