Bitcoin price has been on a tear in the past few days, leaving everyone open-mouthed in amazement at the successive upward movement.
Bitcoin's rise was accompanied by the rise and rise of most alternative digital currencies, which made the overall market value soar.
The total market cap of cryptocurrencies hit a new record high of $3.12 trillion on November 12, surpassing the previous peak of $3.08 trillion recorded in November 2021.
This reflects an 80% growth since the beginning of the year, as the value rose from $1.72 trillion recorded in January.
Cryptocurrencies now have a market cap larger than giants like Microsoft, Alphabet and Amazon, but are still smaller than Apple and Nvidia, suggesting the market is still in its early stages.
Bitcoin is the main driving force, dominating the market with a 60% share and a market cap of $1.75 trillion, surpassing silver and major companies like Meta and Tesla, but still only accounting for 10% of gold’s market cap.
The market is expected to grow to $10 trillion by 2026, driven by supportive policies.
Meanwhile, Bitcoin hit an all-time high of $89,560, up 30% in a week, as investment firms urged investors to take advantage of the current bull market.
