Crypto rally: Total market cap hits new all-time high of $2.8T; $1T added in just over a month’s time

By: |
November 03, 2021 4:27 PM

The total crypto market has grown over 600 per cent from $397 billion as of November 3, 2020, to $2.8 trillion on Tuesday.

The total crypto m-cap stood at $1.9 trillion as of September 26, 2021. (Image:

The combined market cap of over 10,000 cryptocurrencies in the world has reached a new all-time high of over $2.8 trillion on Tuesday afternoon at 3.30 PM, according to crypto tracker CoinGecko. The market value, at the time of filing this report, stood at $2.8 trillion with Bitcoin dominance at 41.41 per cent. Bitcoin currently has a market cap of $1.18 trillion followed by a $538 billion m-cap of Ethereum. The total crypto market has grown over 600 per cent from $397 billion as of November 3, 2020, and added nearly $1 trillion in just a little over a month’s time. The total crypto m-cap stood at $1.9 trillion as of September 26, 2021. 

“The approval to first Bitcoin Futures ETF in the US has clearly provided the impetus to the crypto market. So, anything to do with the US markets, in fact, if SEC approves any Bitcoin product, then that’s a huge thing. On the other hand, the decision of approving or rejecting the Bitcoin spot ETF is likely on November 14 by SEC. It might get delayed also by a few months but once this is approved, bitcoin will go through the roof. If the US market has approved bitcoin-linked product like Future ETF, which is open to institutional investors, it clearly means that they are okay with bitcoin,” Atul Chatur, Co-founder, Antilles Cryptocurrency Ecosystem ACE-X told Financial Express Online.

Also read: Amitabh Bachchan’s NFTs hit highest-ever bidding in India on Day 1 of auction

Importantly, multiple altcoins have also been rallying leading to the overall growth in crypto m-cap. For instance, Ethereum, Binance Coin, Solana, Polkadot, along with meme coins such as Shiba Inu and Dogecoin have jumped 9 per cent, 15 per cent, 14 per cent, 12 per cent, 38 per cent, and 5 per cent respectively over the past seven days. Shiba Inu particularly has seen grown over 155 per cent in the past few days. 

“While some of these meme coins are very difficult to predict but not all of them are bad. They make sense like Axie infinity which are genuine crypto-based games where people earn money by playing video games. So, it is not just bitcoin but some investors are also starting to invest in crypto-based games and coins as well as non-crypto VCs are beginning to get into it such as SoftBank that put $93 million in NFT gaming startup Sandbox,” added Chatur.

The suggestions/recommendations around cryptocurrencies in this story are by the respective commentator. Financial Express Online does not bear any responsibility for their advice. Please consult your financial advisor before dealing/investing in cryptocurrencies.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Singapore crypto exchange Coinstore enters India amid govt seeking to ban private cryptocurrencies
252-week highs, 52-week lows: Tarsons Products among 210 stocks to hit fresh highs on BSE, 77 hit new lows
3Rakesh Jhunjhunwala-backed Star Health IPO opens tomorrow; GMP evaporates, should you subscribe?