Market Update 5th December 2024
By Shikha Singh
Bitcoin (BTC) has surged to a new all-time high, breaking the $100,000 mark and reaching a peak of $103,500.
This milestone follows a significant rally since Donald Trump’s U.S. election victory, which triggered a pro-crypto sentiment and spurred a massive market surge.
Bitcoin’s market cap now stands at $2.03 trillion, with its dominance rising to 52.7%. The cryptocurrency has gained significant momentum, particularly after overcoming a brief dip below $91,000 in late November.
Ethereum (ETH), which had been overshadowed by other altcoins recently, is also on the rise, hitting over $3,900 after a 5.5% daily surge.
Other notable altcoins like DOGE, SHIB, BCH, DOT, SUI, and CRO have experienced price gains, while BNB, TRX, and XRP have seen drops.
Ethereum’s market cap has surged to over $460 billion, just shy of its $4,000 target.
The total cryptocurrency market cap has reached a new all-time high of $3.85 trillion, driven by Bitcoin’s record-breaking performance and the overall market’s surge since Trump’s election.
In just one month, nearly $1.5 trillion has flowed into the market, marking a 63% increase. This growth has propelled the total market cap 24% above its 2021 peak, positioning it far ahead of the previous cycle.
The altcoin market cap also hit a new peak of $1.85 trillion, with Ethereum and stablecoins accounting for 35% of the total.
As the crypto market continues to expand, Bitcoin’s market cap surpassed $2 trillion, making it the world’s seventh-largest asset. Predictions suggest that Bitcoin could reach a market cap of $280 trillion by 2045, with each coin potentially worth $13 million.
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