Weekend altcoins surged significantly, with total market capitalization reaching a historic high.
On December 2, Monday's early Asian trading, the total cryptocurrency market capitalization reached a historic high of $3.65 trillion. This is nearly $600 billion higher than the peak of just under $3.1 trillion during the bull market three years ago in 2021.
Additionally, a significant portion of these gains was realized in the past month, with $1.2 trillion flowing into digital assets in November. From this perspective, the crypto market gained more than the total market value of October 2023 in just one month.
According to CompaniesMarketCap, the cryptocurrency market's current market capitalization has surpassed that of Apple, the world's largest company, which recently surpassed Nvidia again.
"We are entering a time where the cake gets bigger and the trends keep rising. It's time to shift our thinking," commented Bitwise CEO Hunter Horsley.
Bitcoin's November, altcoins are booming
Bitcoin experienced a milestone month, rising 40% in November, primarily due to Donald Trump's victory in the presidential election. Kobeissi's letter described Bitcoin's rally as 'truly historic', noting that prices soared 49% over the past four weeks, marking the best performance since August 2021.
It added: "Bitcoin's price has risen about 130% so far this year, expected to be the third-best year in the past decade."
However, it was altcoins that drove the surge over the weekend. Ethereum seems to be turning resistance levels into support, hitting a six-month high of $3,750 on December 2 after soaring 47% over the past month.
Analyst 'Rekt Capital' observed on X on Monday that it is set to break out of the wedge pattern it has maintained since March.
XRP is also soaring, with Ripple's cross-border token rising 30% on December 2 to a six-year high of $2.48. This has made the asset surpass Solana and Tether in market capitalization, becoming the third-largest digital asset with a market value of $138 billion.
Other significant movements
Cardano's market capitalization surpassed $40 billion, with ADA surging over 9% to $1.18 during early Asian trading on Monday. This is the highest price for the asset since March 2022.
Avalanche (AVAX) broke above $48 after a daily increase of 10%, returning to April price levels. Stellar Lumens (XLM) also had a strong weekend, soaring to $0.574, the highest level since May 2021, primarily due to the significant volatility of XRP.
Hedera (HBAR) soared, rising 44% on the day to reach $0.248 on December 2, while Litecoin (LTC) climbed 20%, breaking above $125 for the first time since March 2022.