The global market capitalization of the %Cryptocurrency sector has reached a record $3.4 trillion U.S. as the price of %Bitcoin (CRYPTO: $BTC) approaches $100,000 U.S.
The market capitalization of crypto has risen 4.5% in the last 24 hours as the price of Bitcoin rose above $99,000 U.S. for the first time. Bitcoin accounts for 56% of crypto’s market cap.
Spot Bitcoin exchange-traded funds (ETFs) in the U.S. recorded more than $1 billion U.S. in net inflows on Nov. 21 amid an ongoing rally in digital coins and tokens.
However, the rise in crypto’s market cap to an all-time high is not due solely to Bitcoin.
Ethereum’s (ETH) price has risen nearly 9% in the last 24 hours, boosting indexes that track the decentralized finance (DeFi) sector.
Solana’s (SOL) price has increased 8% in the last day, hitting a record high above $260 U.S. amid continued usage of the blockchain for trading.
And the price of %Cardano (CRYPTO: $ADA) has gained 12% in 24 hours, the second-most gains among major cryptocurrencies after XRP (XRP), whose price has jumped 25% higher.
Traders and retail investors are bidding up cryptocurrencies amid bullish hopes for a crypto-friendly Donald Trump presidency.
News that Gary Gensler, chair of the U.S. Securities and Exchange Commission (SEC), has resigned is also boosting crypto prices. Gensler was a fierce opponent of cryptocurrencies.
Analysts and investors are now watching to see when Bitcoin will break above the key threshold of $100,00 U.S. for the first time.
Bitcoin’s price has risen 120% this year.