The digital currency’s meteoric rise has already led it to overtake Saudi Aramco, the world’s largest oil producer, in market capitalization. Trading data shows Bitcoin reaching a new all-time high of $93,434.36 on November 13, 2024, with daily trading volumes hitting $118.32 billion.
The broader cryptocurrency market has also seen substantial growth, with its total value reaching $3.02 trillion. This places the crypto market as the eighth-largest economy in GDP terms, behind only the United States, China, Germany, Japan, India, the United Kingdom, and France, according to International Monetary Fund data.
The price of Bitcoin and most other large cap digital assets has soared in November after Donald Trump’s election win. Source: Brave New Coin Bitcoin Liquid Index.
Bitcoin’s rise has coincided with significant institutional trading activity. Binance, the largest cryptocurrency exchange, has recorded over $7.4 billion in Bitcoin/USDT trading volume within 24 hours, while Coinbase, a major U.S. exchange, has processed more than $3.4 billion in Bitcoin trades.
Investment bank Standard Chartered has made a bold prediction about the cryptocurrency market’s future in light of recent political developments. The bank projects that the total cryptocurrency market capitalization could reach $10 trillion by the end of 2026, following the Republican sweep in the U.S.
“With a Republican sweep in the U.S. election now looking likely, we believe we have entered the crypto summer,” said Geoff Kendrick, Head of Digital Assets Research at Standard Chartered. The bank suggests that supportive government actions could fuel a fourfold increase in the market’s value over the next few years.
If Bitcoin reaches these projected levels, its total value could surpass $4.3 trillion, exceeding the entire British pound money supply. Currently, Bitcoin ranks behind gold ($17.1 trillion), Nvidia ($3.5 trillion), Apple ($3.4 trillion), Microsoft ($3.1 trillion), and Amazon ($2.25 trillion) in market capitalization.
The cryptocurrency’s market metrics show a circulating supply of 19.78 million BTC, approaching its maximum cap of 21 million coins. Market data indicates strong liquidity across major exchanges, with substantial trading depth on both sides of the market.
Donald Trump, recently elected as the 47th President of the United States, has emerged as a vocal supporter of cryptocurrencies during his campaign, promising to create a “strategic national Bitcoin stockpile.” This marks a significant shift from his previous stance on digital assets, with Trump warning that “If we don’t embrace crypto and Bitcoin technology, China will, other countries will, they’ll dominate, and we cannot let China dominate.”
The total cryptocurrency market has already gained over $650 billion following the election, hitting $3.2 trillion, as investors respond to expectations of more favorable crypto policies under the new administration.
