Bitcoin Sets New All-Time High At $93,000 As The Market Cap Exceeds $3 Trillion -

Bitcoin Sets New All-Time High At $93,000 As The Market Cap Exceeds $3 Trillion

Nov 17, 2024Jeremy ParkinsonFinance0

Image Source: Pixabay

This Week’s Summary

The cryptocurrency market looks set to end the week at a total market capitalization of around $3.03 trillion.

Bitcoin increased by over 13% to trade at around $90,500.

Ethereum moved down by over 3%, but has still been seen trading above $3,000.

XRP moved up by 80%, Cardano by 21%, and Dogecoin by 42%.

Almost all altcoins have been trading in the green, with very few exceptions.

The DeFi sector increased the total value of protocols (TVL) to around $108 billion.

Crypto Trends for the Week of Nov. 11-17, 2024: Market Analysis and Performance
The cryptocurrency market has been riding one of history’s most spectacular bull runs. This week, the market cap exceeded $3 trillion, and Bitcoin set a new all-time high at an unexpected value. Moreover, many crypto assets have been recording double-digit value boosts, with some reaching unprecedented heights. The bears are seemingly nowhere to be seen, as the overall market capitalization has been standing strong at $3.05 trillion.Bitcoin started trading at around $80,000 during the week. Many analysts expected the king of cryptocurrency to consolidate its position at around the $82,000 mark. Others, more pessimistic, forecasted a swift downfall for Bitcoin.However, the bulls surprised everyone as they took Bitcoin’s value well above the $90,000 level. In fact, BTC set a new all-time high at $93,434.36 on Nov. 13. This is an impressive feat from an asset that was struggling to stay above the $30,000 threshold only a year ago.Ethereum has been among the very few losers in the cryptocurrency market this week. The second crypto in command failed to follow in the footsteps of more illustrious cryptocurrencies. It dipped in the red, albeit only by around 3%. This was a disappointing turn of events for ETH, which many saw exceeding $4,000 again and setting a new all-time high for itself, too. Unfortunately, Ethereum has been close to dropping below the $3,000 threshold, as it has recently been seen trading at only $3,100.

Altcoins & DeFi
Most altcoins have been trading in the green, with some rather impressive results. For example, XRP moved up by 80%, which took its value above $1 for the first time in nearly three years. Elsewhere, Cardano moved up by 21%, Solana by 10%, Toncoin by 1%, Avalanche by 10%, UNUS by 22%, and Polkadot by 5%.The memecoins have been enjoying some of their best days, with double-digit value boosts seen across the board. For instance, Dogecoin moved up by 42% and Pepecoin by 78%. Meanwhile, Shiba Inu fell down by around 6%.The Metaverse sector has also witnessed some notable movements over the past week. For instance, Axie Infinity moved up 1%, Stacks moved up 4%, Render moved up 27%, Floki moved up 52%, Decentraland moved up 14%, and The Sandbox moved up 20%.The DeFi sector added almost $4.5 billion to the total value in locked protocols (TVL), which is now at approximately $108.68 billion.

What’s in the News?

The newly-launched Peanut the Squirrel (PNUT) memecoin recorded a spectacular surge of over 1,500% within the first week since its launch.

The crypto-oriented momentum in the US continues as President Trump nominated Elon Musk to lead the newly established Department of Government Efficiency (D.O.G.E).

Next Week’s Crypto Market Forecast
The cryptocurrency market has been ripe for investment as more capitalists have gathered around the table. Most sectors seemed to benefit from the crypto-friendly result of the recent US presidential elections. Also, there’s been a newfound interest in ETFs, with the ETH ETF attracting over $136 million this week. The market sentiment has remained highly positive, and hopefully, it will remain the same in the upcoming weeks.

About the Author
Born and raised in Romania and currently living in Spain, Iulian discovered a knack for writing from a tender age, and even won some minor awards for fiction that didn’t pay much.Iulian became a content writer in 2011, and he is still doing it to some degree of success today. He is currently specialized in cryptocurrencies, technology, online marketing, and social media. In his free time, Iulian likes reading, traveling, and watching sports. His dream is to see Bitcoin reach $100,000, just so he can tell his friends “I told you so.”More By This Author:Bitcoin Projected To Hit $1.5 Million By 2030, Says ARK Invest CEO Cathie WoodBitcoin Bears In Trouble: $800 Million Set For Liquidation If BTC Reclaims This PriceCardano To Reach $6 By September 2025? Analyst Forecast 2021-Like Rally