Market Update 13th November 2024
By Manoj Dharra
Bitcoin’s remarkable rally continues to lead the crypto market, recently hitting an all-time high of $90,000 before retracing slightly. Despite this, Bitcoin’s market cap has surged to $1.75 trillion, maintaining its dominance at over 60% of the total cryptocurrency market.
Bitcoin is currently trading at $87,879 up 0.40% in the last 24 hours.
The total market cap of cryptocurrencies has topped $3 trillion, a level not seen since the 2021 bull market, marking an 80% increase from January 2024.
Ethereum has also benefited from the broader market surge, briefly surpassing $3,400 before pulling back to around $3,150. With a market cap above $400 billion, Ethereum remains the second-largest cryptocurrency, supported by strong institutional interest, particularly in Ethereum-based ETFs.
While Bitcoin and Ethereum dominate, altcoins have experienced more volatility. PNUT, a recent meme coin, surged 220% and entered the top 100 by market cap, while others like Ethereum, Solana (SOL), and Shiba Inu (SHIB) have retraced 6% to 14%. The total crypto market cap briefly exceeded $3.1 trillion before correcting by $100 billion.
Despite the recent pullbacks, analysts remain optimistic, with predictions that the market could reach a $10 trillion valuation by 2026, driven by institutional adoption and positive regulatory changes. As Bitcoin leads the charge, Ethereum continues to show strong potential, supported by ongoing innovations in decentralized finance and blockchain technology.
You need to login in order to Like
